Jerome Powell: Folks, this ain t the 1970s
From CNN Business David Goldman
Jerome Powell isn t sure how many more ways he can say it:
Inflation just isn t a problem right now.
Sure, rates are near zero and are expected to stay there for years. But the Fed has been saying for a year that
it doesn t expect inflation to pick up to its target 2% range for quite some time. That s neither a problem nor a benefit, Powell said.
Powell noted that
inflation has been largely absent from the economy for three decades, and we ve had the longest two expansions during that time period. Higher inflation can help businesses raise prices and boost economic activity. But low inflation means the Fed can afford to keep rates low to give businesses a break.
CNN Business and Moody’s Analytics have partnered to create a
proprietary Back-to-Normal Index. It shows which states are closest and furthest from returning to their pre-pandemic economy.
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50 min ago
From CNN Business’ Jordan Valinsky
Chili’s owner
Brinker International (EAT) said it’s withdrawing its second-quarter outlook because of the pandemic that’s forcing dining rooms in some states to close or limit capacity … again.