Don't expect Fed Chairman Jerome Powell to suddenly change course because of inflation fears.
Fed Chairman Jerome Powell will use his two days of congressional testimony this week to stress that he is in no rush to exit the central bank’s easy policy stance.
“If the last two inflation prints did not shift his views in a meaningful way, it is hard to see why this one will,” said Neil Dutta, head of economics at Renaissance Macro Research. Minutes of the Fed’s June meeting show that officials had a lengthy discussion about when to slow down, or taper, the asset purchases. That is the likely first step in backing away from its easy policy stance.
“He wants to say ‘everything is on course.’ They are worried about the pandemic, they’re pleased with unfolding economic data, but there is a long way to go,” Reinhart said.
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