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Fed Powell On Whether He Agrees With Brainard On No Wage-Price Spiral

FED
  • Q: The statement no longer lists public health; what should we make of that? No longer see the pandemic as weighing on the economy?
    • A: That's the general sense of it. I personally understand well that COVID is still out there, but it is no longer playing an important role in our economy.
  • Q: Brainard says she doesn't see signs of a wage-price spiral, do you agree?
    • A: I do. The whole point is, once you see it, you have a serious problem. That's what we can't allow to happen. That is why we worry the longer we are at this, and the longer people talk about inflation all day long, everyday, the more risk of something like that. But it is more of a risk. I think it is becoming less salient.
    • As we see inflation coming down, it could boost economic activity. We believe that expectations of future inflation are a very important part of the process of creating inflation. I would say the risk 8 months ago or so of L-T expectations rising, we moved vigorously, and expectations seem to be well anchored.
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