Powell’s Progress
Jerome Powell spoke today from our nation’s capital and indicated what we all know to be true: The Fed has no business cutting rates at this time.
“The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence,” the Fed Chair said on a moderated panel at Washington’s Wilson Center.
He might be understating it here, but overall he’s in the ballpark.
He went on to say there has been “a lack of further progress so far this year on returning to our two percent inflation goal.”
Federal Reserve Chairman Jerome Powell speaks at the Wilson Center in Washington, DC, on April 16, 2024. (Samuel Corum/Bloomberg via Getty Images)
Now hold on. “Lack of further progress”? Last week’s inflation data suggested that Bidenflation is not just stagnant; it’s…
