Powell Discusses the FOMC’s Balancing Act, But It’s Tougher Than He Suggests
On the one hand, Powell’s talk this afternoon was quite bland.1 Repeated the SEP macro and rate projectionswithout adding much color. But the story of the outlook and monetary policy this year is anything but bland:
The economy is projected to grow well above trend this year, the unemployment rate is projected to fall far
below the NAIRU, and inflation pressures are building. The March dots tell us how appropriate policy is
evolving, toward faster and further rate hikes. Of course, that is a more provocative story, and Powell would
likely not have b.....
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