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steve, what do you see as the next moves from the fed? there s a lot of signals from the fed chairman this week. yeah. the market heard stuff. i didn t necessarily hear it. the market thought they heard the fed say that things are going to get a little easier. that could be the case. look, it is possible. we have had some reduction in gasoline prices. we have seen some commodity prices going down. it s going to take time for those to filter down to the consumer level and show up in the index. what the fed has said is that they need to see several months in a row, a decided turn towards their inflation goal of 2%. remember, it s 2% here. inflation is 9% right now. there s quite a bit of work to be done there. but they need to see a decided turn in the inflation numbers back down towards 2% before they relent in their rate increases. for sure, they will be hiking again in september, maybe through the end of the year. maybe bring that overnight fed ....
(Bloomberg) Central banks can better control inflation expectations if they use a range for price growth rather than a precise goal, according to a European Central Bank study that could have implications for the institution’s strategic review.The working paper by Michael Ehrmann, head of the monetary policy research division and a former Bank of Canada official, looked at inflation-targeting strategies in 20 advanced and emerging-market economies.It found that defining a band within which consumer-price growth is considered acceptable bolsters the central bank’s credibility because it is less likely to miss the goal.“The evidence therefore favors the adoption of some sort of interval, be it in the form of a range or a tolerance band around a point target,” Ehrmann said.The ECB is debating whether its inflation goal of “below, but close to, 2% over the medium term” should be changed, as part of wide-ranging review of its policies. While multi ....
"Our employment mandate is within sight," Evans said in remarks prepared for delivery to the Hyman P. Minsky Conference. The Fed slashed its short-term interest rate target to near zero last March and has kept it there since, vowing not to touch it until the economy has reached full employment, and inflation has reached 2% and is on track to moderately exceed that pace for some time. ....
(Bloomberg) Haruhiko Kuroda will fail to reach his goal of stable 2% price growth during his term after what will have been more than a decade of stimulus to stoke inflation, according to the Bank of Japan’s latest forecasts.Even with an economy expected to show a faster recovery from the pandemic, a slew of rising commodity costs and global expectations for accelerating inflation, the Bank of Japan still couldn’t find enough positive factors to see price growth averaging 2% by the end of March 2024.The BOJ released the latest projections after leaving unchanged its interest rate and asset purchase settings, as had been widely expected. While the bank now sees stronger economic growth of 4% in the year started April and 2.4% the following year, it cut its inflation forecast for the current fiscal year to just 0.1%, citing cheaper mobile phone bills.The latest projections lay bare the challenge the central bank faces to complete a mission Kuroda initially hoped to achiev ....
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