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Powell Asked On Shelter Disinflation Not Arriving

FED
  • Q: What would you say to consumers feeling the weight of interest rates right now? Are current interest rates really doing much now to fight inflation for those consumers?
    • A: The thing that hurts everybody, particularly people in lower income brackets, is inflation. It will take some time but we will bring inflation down to 2% and people won't have to worry about it again.
    • I think restrictive monetary policy is doing what it's supposed to do, but it's also in this case working alongside the healing of the supply side.
  • Q: Shelter disinflation still hasn't arrived: how do you explain large lags between private indices and official indies, and how confident are you that rents will be helpful on the disinflation front in the coming months?
    • A: Housing is one of the places in the economy where there are lag structures built into the inflation process...I'm confident that as long as market rents remain low, this will show up in inflation. Confident it will come, but not so confident in the timing of it.
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