about the economy that the White House has been marketing under the brandhold their benchmark interest rate targetFed Chairman Jerome Powell
Waller noted that inflation had come down toward the Fed’s target this year even while employment had stayed high and growth robust, a development he describes as “overwhelmingly positive” for both the Fed’s employment and price stability goals. He noted, however, that“This is great news, and while I tend to be an optimist, things are looking a little too good to be true; so it makes me think that something’s gotta give.
“We’ll get a first look at the third quarter GDP number next week, but it seems clear that economic activity wasSlower Growth or More Inflation and Higher Rateswhat happens in the fourth quarter of this year and the first quarter of next year Sometimes an uptick in activity is followed by some payback, or slowdown. For example, if firms pull construction forward because of good weather, then current structures investment will be high now but lower in the next period. Thus, we want to be careful and not pay too much attention to the specific month activity took place but instead average growth over a couple of quarters to get a clearer picture of the underlying strength of the economy.
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