Saturday, December 5, 2020

Tag: The Fed’s Not Backing Off: Powell’s Standouts & Zingers at the Press Conference

The Fed’s Not Backing Off: Powell’s Standouts & Zingers at the Press Conference

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by Wolf Richter, Wolf Street:

US is “on an unsustainable fiscal path, there’s no hiding from it.”

I have to say, Fed Chairman Jerome Powell is a breath of fresh air when he talks, after the near-physical pain I experienced listening to his last three predecessors. I actually get what he is saying, even if it’s a little twisted. I can make out his veiled disdain for fancy but dubious economic theories and iffy forecasts. And I get to look forward to some zingers when I least expect them – such as at today’s press conference, when he valiantly defended the Fed’s preferred inflation measure, core PCE, by saying that it “tends to run a little lower, but that’s not why we pick it.”