- Comfortable with where the FOMC seems to be heading
- But does not believe Fed needs to raise rates until 2024
- The job market still has a long way to go before healing
- Once supply chain issues are resolved, worried that Fed will have to deal with same forces that have pinned down inflation before the pandemic
Wants to see broader measures of wages increasing to start believing that the labour market is getting tighter His remarks on tapering fits with what the Fed is priming for before year-end but his timeline on rates is arguably leaning more towards the dovish side, all things considered. He is still arguing that rising inflation pressures are largely transient in nature and while that may be true, the persistently high costs/prices is surely still something that they have to address eventually especially if supply chain issues are going to take much longer to work themselves out. NN: You can not see what you don’t want to see. The institution of the FED survival is in question. They cannot admit they have lit off embedded inflation. They cannot admit that over stimulation has created an incredible destructive bubble. When the markets crash (not to be confused with a correction) and they will crash . The whipping boy will be the FED and they will no longer exsit in the present structure…. And they damn well know it. Since they have fucked up royally their only help is denial and pray for a miracle…..