Fed Officials Rely on Real-Time Anecdotes Over Data to Bolster Case for Patience

Fed Officials Rely on Real-Time Anecdotes Over Data to Bolster Case for Patience

From bnnbloomberg.ca

Federal Reserve Bank of Richmond President Thomas Barkin asked for a show of hands: How many business people expect their price increases will be higher in the next year than before the Covid-19 pandemic? About two-thirds of the group raised hands. “Come on guys, I’m just trying to control inflation,” Barkin said Oct. 14 to a group of 120 business people in the small town of Westminster, South Carolina. “The bad news I hear is the price genie has been taken out of the bottle, and it’s hard to put it back in.” The exchange highlighted how Fed officials led by Chair Jerome Powell are increasingly seeking ... (full story)

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