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The bond mar­ket sold off Thurs­day when Fed­er­al Reserve Chair­man Jerome Pow­ell expressed lit­tle wor­ry about infla­tion and pro­vid­ed no indi­ca­tion of pol­i­cy changes ahead.In an exchange with The Wall Street Jour­nal, the cen­tral bank leader acknowl­edged that an econ­o­my recu­per­at­ing from the depths of the Covid-19 pan­dem­ic could see some price pres­sures ahead.But he also dis­missed them as most­ly “base effects.” In oth­er words, prices in the next cou­ple of months will look high, but only when com­pared with last year, just as the pan­dem­ic was begin­ning and infla­tion pres­sures fell through the floor.In addi­tion to …