(RTTNews) - Federal Reserve Chairman Jerome Powell acknowledged Thursday the reopening of the U.S. economy could lead to higher inflation but reiterated the central bank will remain "patient" with regard to monetary policy. "We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects," Powell said in closely watched remarks during The Wall Street Journal Jobs Summit. Investors were closely monitoring Powell's comments following a recent spike in bond yields, which has raised concerns about inflation and the outlook for interest rates.