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Powell - Need More Than A Quarter's Worth Of Data To Assess Inflation Persistence

FED
  • The PPI reading was actually quite mixed. The headline numbers were higher but there were backward revisions. Markets and analysts are looking at it.. I wouldn’t call it hot but mixed.
  • Last year’s disinflation had two components: supply chain normalization and restrictive mon pol. Those two have been working together.
  • The question of whether inflation is going to be more persistent going forward, we don’t know that yet – we need more than a quarter’s worth of data.
  • Businesses still report that there are labor shortages and things like that, which are now being addressed. When those shortages are alleviated there could still be some lags until it shows, I don’t want to give up on it yet at this point.
  • Restrictive policy may take longer than expected to do its work and bring inflation down. I am confident that we will get inflation down to 2%.
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