by John Carney
Breitbart.com
Inflation Also Rises: A Fed Story
The Federal Reserve admitted yesterday that progress on inflation has stalled and that it will take longer for the Fed to achieve the confidence it needs to cut interest rates.
The Fed’s official statement was expanded to include the statement that “in recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective.” In the press conference, Federal Reserve Chairman Jerome Powell was even more explicit, going so far as to state that “further progress in bringing [inflation] down is not assured and the path forward is certain.”
It’s been quite a roller-coaster for the Fed. Last summer, Fed officials still believed that monetary policy was not sufficiently restrictive. At the June meeting, the Fed kept its benchmark federal funds rate unchanged at the range of five percent to 5.25 percent, but the median projection showed officials expected more hikes last year.