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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
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Real-time insight on key fixed income and fx markets.
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Free AccessMNI: Fed’s Williams-Long-Run Inflation Expectations Anchored
Longer-run U.S. inflation expectations haven't reacted strongly to the spike in inflation to near 40-year highs although uncertainty about the future track of prices has risen significantly, New York Fed President John Williams said.
“The news is mostly good—longer-run inflation expectations in the United States have remained remarkably stable at levels broadly consistent with the FOMC’s longer-run goal,” he said in prepared remarks to a BIS conference on Wednesday.
“Inflation uncertainty has increased, but this does not appear to be due to unmoored longer-run expectations. The one surprising wrinkle worth further study is the increasing divergence in views about future inflation, including the high share of those expecting deflation, and what this portends for the future,” he said.
The Fed has been raising interest rates sharply to make sure anchored inflation expectations remain that way. The FOMC raised the federal funds rate last week by 75 basis points for the fourth straight meeting, bringing it to a 3.75% to 4% range.
"In contrast to longer-run expectations, short-run and, to a lesser extent, medium-run inflation expectations responded to the sharp rise in inflation," Williams said.
Former Richmond Fed research director told MNI's FedSpeak podcast last week the U.S. central bank needs to make sure inflation adjusted interest rates rise to positive levels before it can begin to take its foot off the monetary brakes.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.