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Federal Reserve Chair Jerome Powell was nothing if not clear during his Friday speech from Jackson Hole, Wyoming: Getting inflation down is still the Fed’s first and overwhelming priority. And they’re not going to rest or stop considering more rate hikes if the data dictates.
Oh, and by the way, Powell made clear yet again what exactly getting inflation down enough means: “2% is and will remain our inflation target. We are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to that level over time,” he said. “It is challenging, of course, to know in real time when such a stance has been achieved.”
Something else that’s challenging? Actually getting there. Achieving that golden 2% is tricky, especially when it comes to not just the headline inflation measures CPI and PCE, which are both right around 3% at the latest readings, but core inflation, which is still running …
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