As Jackson Hole conference kicks off, three Fed officials warn about inflation
A trio of Federal Reserve officials shared on Thursday their ongoing concerns about the US inflation landscape, as central bankers gathered in Jackson Hole, Wyoming for the Kansas City Fed's clo...
Three Federal Reserve officials expressed ongoing concerns about inflation during the Jackson Hole conference in Wyoming. Kansas City Fed President Jeffrey Schmid noted that inflation remains stubborn and said the central bank's current policy rate does not seem restrictive. He suggested that monetary policy may not be effectively addressing current price pressures and expressed a need for more information before a potential rate hike at the Fed's September meeting.
Cleveland Fed President Beth Hammack echoed Schmid's concerns, stating that inflation has been above target for over five years and that monetary policy is not currently restraining the economy. She expressed concerns about the growing "inflationary mindset" in the economy and stressed the importance of avoiding this trend. Chicago Fed President Austan Goolsbee expressed particular worry that inflation is not under control, with factors like energy cost rises due to the Iran war and the Trump administration's tariff swings adding to the challenge.
He urged the public to remain vigilant about inflation, as it can be difficult to eradicate once it starts to rise.
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