Medium-term inflation expectations among American consumers rose to an eight-year high in July, according to a survey released on Monday by the New York Federal Reserve. Consumers’ expectations for what inflation will be at the three-year horizon increased from a median 3.6 percent in June to 3.7 percent in July, the highest level since August 2013,…
Key Inflation Gauge Posts Fastest Annual Price Gain In 30 Years
Consumer prices, excluding the volatile food and energy components, soared well beyond the Federal Reserve’s 2 percent target in the year to June, reaching levels not seen since 1991 and reinforcing concerns about inflation. The so-called core personal consumption expenditures (PCE) price index, which excludes food and energy and is the Fed’s preferred method for gauging…
As Prices Rise, Fed Dismisses Inflation Worries
WASHINGTON–Although inflationary pressures keep building in the U.S. economy, economists believe the Federal Reserve officials are unlikely to tighten monetary policy before seeing significant improvement in labor market recovery. From gas to groceries, Americans have started to see price increases in recent weeks as the economy reopens. Used car and truck prices, for example, surged…
Inflation Fears Grow as Commodity Prices Take off
WASHINGTON—Economists have started to feel more uncomfortable that the Federal Reserve could be too complacent with its inflation forecast and end up tightening the monetary policy a bit too late to prevent harmful inflation. Some economists have been warning for months that excessive government spending to help the country recover from the pandemic-induced recession could…
The Berenstain Bears Could Curb the ‘Stimulus’ Crowd’s Enthusiasm
March 19, 2021
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Commentary “Besides,” added Papa, “sometimes the price of things goes up, like gas. The price of gas for our car went up twenty cents just last week! Maybe the same thing happens with teeth.” – Jan & Mike Berenstain, “The Berenstain Bears and the Tooth Fairy,” p. 8. Sister Bear has just lost a tooth. It had…
Monetary Policy: From a Tool to Help States Make Structural Reforms to an Excuse Not to Carry Them Out
Commentary The constant financing of deficits in countries that perpetuate structural imbalances has not only not helped to strengthen growth, since the eurozone and the United States already suffered downgrades of estimates before the COVID-19 crisis, but is also driving inflation higher. Monetary policy has been ultra-expansive for more than 10 years, in crisis, recovery,…
RBA Holds Cash Rates at Historic Low
The Reserve Bank of Australia (RBA) has announced it will keep cash interest rates at the historic low of 0.1 percent in the wake of its first board meeting in 2021 on Feb. 2. RBA governor Philip Lowe said that while the economy is bouncing back more strongly than anticipated, with GDP predicted to return…
In Pandemic, Fed Showed Its Muscle in Markets Still Matters
The U.S. Federal Reserve’s response to the coronavirus pandemic began on Feb. 28 with a 44-word statement of faith in the economy from Chair Jerome Powell, an old-school measure aimed at calming nosediving financial markets. Within weeks, though, its actions became so groundbreaking they cast the U.S. central bank as creditor to the world and…
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