We may be done with the post-pandemic economic turmoil, but it’s not done with us. KevinTDugan writes
more than a week ago what the Fed committee had in mind. Fed chair Jerome Powell also sent signals at his last press conference, noting the inflation rate was falling faster than most economists had predicted, making the draconian measures less necessary than before. But what could have been a triumphant moment for the central bank — the beginning of the end of one of the mostfor any Fed — turned instead into an off-note.
at least 101 times, according to a machine transcription of his remarks. “We’ve made less progress than expected on inflation,” Powell said. For those who have been watching price movements during the last few months, this might be a surprise. The Labor Department’s consumer price index shows that, on average, prices havejust 0.2 percent during the last five months — a stark turnaround from the high of 1.3 percent in June.
So the Fed will keep hiking borrowing costs, although probably at a slower pace and probably for longer than people thought just a few months ago. Not good news for the economy, just when it started to look likeabout a recession after all. The Dow Jones had been trading higher for most of the day but then slumped some 675 points in the minutes after Powell started talking. At this point, the Fed has hiked rates from 0 to 4.5 percent over ten months, the fastest pace in 40 years.
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