-
2021 inflation is legacy of 2008
Jim Bullard, president of the Federal Reserve Bank of St Louis, painted a confident picture of US inflation prospects at an OMFIF briefing on 19 May. He noted that, in spite of widespread supply chain bottlenecks and unexpected labour market tightness, ‘market judgement remains consistent with the plan we are laying down.’ As part of its new average inflation targeting framework, ‘appropriate monetary policy will likely aim to achieve inflation moderately above 2% for some time… following periods when inflation has been running persistently below 2%.’ Bullard pointed to his preferred market measures of ... (full story)