Comments from the Chicago Fed President:
- Sees inflation rising to 2.4% in 2024 which would be a 'virtue' and 'helpful' in reinforcing expectations
- If we saw inflation was higher than appropriate for 2% avg target, would want to hike at steeper pace
- Wants to see jobs momentum continue in next jobs report
- Expects unemployment to end the year below 5%
Anyone predicting inflation to a decimal point in 2024 is going to get a serving of hubris. I think he's trying to make the point about tolerating an overshoot but you can already see central bankers getting uncomfortable about inflation.
