Fed Chairman Powell: Next six months critical for inflation

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Fed Chairman Powell: Next six months critical for inflation

yahoo2021-07-15

Federal Reserve Chairman Jerome Powell on Wednesday downplayed the recent string of high readings of inflation, telling Congress that price pressures will still likely abate. On Tuesday, figures from ...

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Henryset
·2021-07-15
Good
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CGE
·2021-07-15
Like and comment
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- TeckLeong:
  Liked and comment back pls
  2021-07-15
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MeiQuen
·2021-07-15
Ok
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Magdalene89
·2021-07-15
Good
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InvKeJ
·2021-07-15
All the best
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- CubTrader:
  ?
  2021-07-15
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sfleong1
·2021-07-15
Like n comment
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- Andtendo:
  Oki
  2021-07-15
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Iankoh
·2021-07-15
Ok
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- May88888:
  ok
  2021-07-15
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Traderer
·2021-07-15
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- sexymint:
  no
  2021-07-15
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- Iankoh:
  Ok
  2021-07-15
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- Darylzhuo:
  Ok
  2021-07-15
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A read on producers also showed prices accelerating to thelargest annual increase in over a decade, testing the Fed on its commitment to only let inflation “moderately” overshoot its 2% inflation target.\n“Right now of course inflation is not moderately above 2%, it is well above 2%. It’s nothing like ‘moderately,’” Powell told the House Financial Services Committee in testimony on Wednesday.\nBut Powell said the question is whether or not inflation will move down six months from now, which remains his expectation.\n“It will depend on the path of the economy, it really will,” he said.\nPowell acknowledged that inflation data has come in higher than expected and did not rule out the possibility that those price pressures could be more persistent than expected.\nBut the Fed chief pointed to used car and truck prices as evidence of the “transitory” nature of higher inflation readings. The BLS noted that prices in that category increased by 10.5% just between May and June, which the government agency said accounted for more than one-third of the rise in the seasonally adjusted inflation figures.\n“It’s just a perfect storm of high demand and low supply. And it should pass. Unless we think there's going to be a multi-year shortage of used cars in the United States, we should look at [high inflation] as temporary,” Powell said.\nPowell’s testimony came alongside the Fed’s “Beige Book,” which details economic conditions across the country. Thereportnoted that some business contacts described pricing pressures as temporary, but “the majority expected further increases in input costs and selling prices in the coming months.”\nFor the Fed, the next major policy question is when to begin slowing its pace of asset purchases. Since the depths of the pandemic, the Fed has been purchasing about $120 billion a month in U.S. Treasuries and agency mortgage-backed securities.\nThe Fed chairman said more details on when the Fed may slow the pace of so-called “quantitative easing” could come in the Fed’s next policy-setting meeting on July 27 and 28.\n“We don’t want to surprise markets or the public, and we will provide lots of notice as we go forward on that,” Powell said.\nThe Fed chairman will return to Capitol Hill to testify in front of the Senate Banking Committee on Thursday 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