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Waller: Some Effects From Action To Pull Back Demand Coming Through

FED

The only part of his comments on the softer side, acknowledging some impact from prior tightening.


  • Q: Do you think we’re seeing enough of an uptick in inflation expectations that it’s feeding through to the inflation numbers?
  • A: I don’t think it’s there yet but I don’t want to get to that point. We’ve got to chop this off now. I’m not hearing quite as much from firms about building in permanently higher nominal wage increases, we’re seeing some restraint on pricing of firms as they see a falling off in demand and housing prices/rents drifting down. So all of the action we’ve taken to pullback on demand, some of those effects are coming through. That should help get inflation expectations to stay where they are or drop back down to target.
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