How Chair Jerome H. Powell can get the Fed’s messaging right in Friday’s address.
Further grounds for concern come from major labor cost pressures in the health sector, upward adjustment in consumer price index health insurance measures, rising gas prices, and climate and geopolitical influences on commodity prices, along with growing indications that residential rentals will start to rise in cost. It is sobering to recall that the shape of the past decade’s inflation curve almost perfectly shadows its path from 1966 to 1976 before it accelerated in the late 1970s.
Now, the Fed is reducing its risk and lengthening the maturity of outstanding federal debt by selling off long-term bonds. Unless it interferes with financial market functioning, this policy should be maintained. Given our problematic debt trajectory, the United States should be terming out its debt.
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