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Chair Powell Asked If He Is Confident On the Committee's Progress

FED
  • Q: On Nov's inflation report - are you confident you're seeing real progress? Worried could be upward spiral?
  • A: Oct and Nov data clearly do show a welcome reduction in the monthly pace of price increases. It will take substantially more evidence to give confidence that inflation is on a sustained downward path. This report is in line with what we have been expecting and hoping for. We've been expecting goods inflation to come down as supply chains eased, that's happening; housing services, there is good news in the pipeline.
  • The big piece again is core services ex-housing and we have a ways to go there. Some beginning signs there. The earnings report in the last payrolls report, you don't see much progress - there may be composition effects, etc, we don't put too much weight on one report, can be volatile month to month. Will be looking for wages moving down to more normal levels.
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