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FED: Powell Acknowledges Progress On inflation But Says Job is Not Done

FED
  • Powell fields a few questions about inflation developments:
    • A: What we're seeing right now is better than last year.  We pointed out a whole lot of the progress from last years was goods prices which were going down the at an unsustainable rate.  This is a broader disinflation.  This has goods prices coming down.  We're also now seeing progress in the other two big categories, non-housing services and housing services.
    • So far it is only a quarter.  I think, you know, we need to see more to know that we're, you know, to have more confidence that we're on a good path down to 2%.  I mentioned our confidence is growing.  We've been getting good data.  Things like the ECI report and softening in the labor market give you more confidence that the economy is not overheating, and doesn't look like an overheating economy.  It looks like an economy that's normalized.
    • Re seasonal adjustment impacts to inflation: We look at 12 months.  That takes all of that out.  12 month is 2.5% headline and 2.6% core.  This is better than a year ago.  The job is not done.  We're committed to getting it under 2%.  We need to take note of the progress and weigh the risks to the labor market and inflation now more equally than a year ago.
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