Comments from the Richmond Fed President
- Over the next six months we need to 'look through' 12 month inflation
- We will focus on month-over-month inflation and trimmed mean inflation
- Retailers are already seeing things 'flying off the shelves' because of stimulus cheques
- We need to watch broader measures of jobs like employment-to-population
- We expect high inflation in the next three months
- We're not seeing any disorderly markets now
- Prospects for the economy are getting stronger
I'd like to ask the Fed: When will you know you're wrong on inflation? When will you know that the H2 moderation in inflation that you're expecting hasn't materialized?
