Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said Friday inat the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming. “The historical record cautions strongly against prematurely loosening policy.”
Two-year Treasury yields. rose as investors digested the remarks, pushed as high as 3.44% while the 2- to 10-year yield curve resumed its flattening. Equities were lower. “Failure to back that up with another 75 basis point increase would cheapen his talk,” Spindel said, noting that Powell took pains to quote former chairs Alan Greenspan, Paul Volcker and Ben Bernanke, invoking the Fed’s Hall of Fame to bolster his message.
It remains elevated: While the Fed’s preferred measure of inflation eased to 6.3% for the 12-month period ending July, wages and salaries had the biggest monthly gain since February, according to a government report released earlier on Friday.
Watch our Reserve Bank now try to match this raise: despite the fact that the US & SA have almost 0 parity in this matter in either cause or effects.
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