Federal Reserve Vice Chair Lael Brainard noted Thursday that recent reports show high inflation in the United States is easing, and suggested it was possible for price acceleration to cool without causing significant job losses.
Federal Reserve Vice Chair Lael Brainard noted Thursday that recent reports show high inflation in the United States is easing and suggested it was possible that price acceleration may cool without causing significant job losses.
And Americans still generally expect inflation to decline in the coming years, Brainard noted. That's an important measure because if people assume that prices will keep rising, they will alter their behavior by accelerating their purchases before prices rise further. They may also push for higher pay to offset rising costs, thereby worsening inflation.Notably, Brainard pushed back on that rising worker wages during the pandemic are driving inflation.
Fed officials are facing a set of increasingly difficult and high-risk decisions. After a series of big rate hikes last year, the central bank has raised its benchmark interest rate closer to the level that officials believe will finally tame inflation. That level is now the highest it has been in 15 years: 4.25% to 4.5%.
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