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Inflation has picked up in the US in recent months, as Oil prices keep increasing, while the housing market, services and manufacturing are all booming. Although, the FED likes to keep pumping up cash, so they have been trying to play the higher inflation figures down. FED’s Barkin acknowledged inflation to some degree, but they will still wait and see how it will play out in the longer term. Below are his comments:
Comments from the Richmond Fed President
- We will be looking at trimmed mean inflation for next 6 months
- Over the next six months we need to ‘look through’ 12 month inflation
- We will focus on month-over-month inflation and trimmed mean inflation
- Retailers are already seeing things ‘flying off the shelves’ because of stimulus cheques
- We need to watch broader measures of jobs like employment-to-population
- We expect high inflation in the next three months
- We’re not seeing any disorderly markets now
- Prospects for the economy are getting stronger
I’d like to ask the Fed: When will you know you’re wrong on inflation? When will you know that the H2 moderation in inflation that you’re expecting hasn’t materialized and probably won’t?
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