Summary:
Jay Powell again admitted the Federal Reserve was wrong on inflation, believing it to be “transitory” last year but realizing it is anything but transitory. He says he’s committed to fighting it, but with merely a .25% rate cut this month and no reduction in the Fed’s massive balance sheet.
But if the economy is as strong as he says it is, why not fight inflation harder?
Additional Reading:
https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth (Bureau of Labor Statistics Jobs Report February 2022)
https://finance.yahoo.com/video/fed-still-inflationary-policy-stance-173536604.html (Fed is ‘still in an inflationary policy stance,’ economist says)
https://www.npr.org/2022/03/04/1084448647/the-february-employment-report-is-expected-to-show-solid-job-gains (The February employment report is expected to show solid job gains)
https://tommullen.net/featured/when-the-coronavirus-shutdown-is-over-will-anyone-blame-their-governments-for-the-economic-devastation-they-caused/ (When the Coronavirus Shutdown is over, will anyone blame their governments for the economic devastation they caused?) (April 4, 2020)
https://tommullen.net/featured/the-state-and-federal-governments-coronavirus-response-will-dwarf-economic-damage-done-by-fdr/ (The State and Federal Governments’ Coronavirus Response Will Dwarf Economic Damage Done by FDR) (March 21, 2020)
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