Inflation in the United States is becoming more broad based and expectations for future price increases are rising, a trend policymakers will be watching closely, New York Federal Reserve Bank President John Williams said on Thursday. While some of the price increases seen today are related to the pandemic and imbalances between supply and demand, there have also been increases in other areas such as shelter, Williams said. “We definitely have seen a pickup in underlying inflation in the U.S. that we’ll be studying carefully,” Williams said during a virtual panel with European Central Bank (ECB) chief economist Philip Lane. A rise in short-run and long-run inflation expectations are a “positive” development, because expectations have reversed some of their previous declines. But officials would not want long-run inflation expectations to move up significantly more, Williams said. The U.S. economy is “roaring” back after being disrupted by the pandemic and a …