Fed Chair Powell (Q&A) says Well aware that a series of inflation shocks have interrupted progress, there will be some effects on inflation coming forward
Importance
Level 1
- It is important for Fed to see progress on reducing goods inflation this year, this is the main thing the Fed is looking for
- Whether to look through eneger inflation does not arise until Fed has checked the box on goods inflation
- Looking through oil prices depends on inflation expectations expectations and broader context of five years of prices above target
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