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Declining inflation alone is not enough, Fed officials have new threshold for rate cuts

The pace of inflation in the United States last year surprised many Federal Reserve (Fed) officials. Now they intend to givecut interest ratesSet a new range, that is, price pressure should generally be lower. As a result, the timing of the first interest rate cut will inevitably be pushed back further.

Richmond Fed President Barkin and Boston Fed President Collins have said that given that the recent decline in inflation has been driven primarily by commodity prices, they, like other officials, want to see not only a sustained decline in inflation, but a cooling-off. Also want to expand the trend. For residential and other services.

“Are they setting a new benchmark? It certainly appears to be the case. They’ve got plenty of reasons to be patient,” said Michael Scordales, head of U.S. economics at Truist Advisory Services.

Additionally, Barkin said at the Economic Club of Atlanta on Monday that American companies have used price increases over the past two years to raise prices.BenefitAnd performance, such a huge price increase may not be easy to give up.

Barkin, who has a vote on monetary policy this year, said: “If you sell things in large quantities and with high profits, is it possible to abandon layoffs altogether? I don’t think so. This practice has been around for some time.” Will continue till time.” “I think the risk of inflationary pressures continuing is real,” he said. Barkin said he would review inflation data on Tuesday.

Chairman, Fed has kept rates on hold since JulyballAfter saying a rate cut next month is unlikely, officials want to see further evidence that inflation is moving back toward its 2% target.

“I expect a broad and sustained moderation in inflation, but I’m still looking for more evidence,” Barkin said in a speech last week. She went on Bloomberg Television to say she expects that trend. “Will continue to expand.” Allowing decision makers to receive “more months of data.”

In 2023, consumer prices excluding food and fuel will increase by only 0.2%, while the consumer price index for services excluding energy will increase by 5.3%. The CPI in January is expected to fall below 3% for the first time in nearly three years, according to data released on Tuesday. The Fed’s preferred core personal consumption expenditures (PCE) price index rose just 1.9% on a six-month annualized basis in December, well below the Fed’s 2% target.

finance(tagstotranslate)interest rate cut

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