AdvertisementAdvertisement WASHINGTON, April 29 — Inflation showing no recent sign of slowing or narrowing in scope leaves US Federal Reserve policymakers challenged this week...
WASHINGTON, April 29 — Inflation showing no recent sign of slowing or narrowing in scope leaves US Federal Reserve policymakers challenged this week over how to characterise their next steps even as the countdown to a contentious US presidential election continues.
“The Fed has simply run into a brick wall,” Citi Global Chief Economist Nathan Sheets said after data released on Friday showed the PCE index increased at a 2.7 per cent annual pace in March versus 2.5 per cent in February, while the number stripped of volatile food and energy prices was 2.8 per cent, matching February. “This is very strong data and it is not data that has given them any confidence they are meaningfully on their way to 2 per cent...The Fed is simply going to have to wait.
With no new economic projections due, the policy statement and Powell’s remarks will anchor whatever guidance may come. “The recent data have clearly not given us greater confidence” that inflation will resume its decline, Powell said in comments to a forum in Washington on April 16. “Right now, given the strength of the labour market and progress on inflation so far, it’s appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us.
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