The trend has slowed, but not enough.
The Federal Reserve Chairman Jerome Powell said in comments to the Economic Club of New York that inflation remains too high and the Federal Reserve still needs to bring it down to the target level of 2 percent.
“A few months of good data are only the beginning of what it will take to build confidence that inflation is moving down substantially toward our goal,” he said. “We cannot yet know how long these lower readings will persist or where inflation will settle over coming quarters.”
Regarding the possibility of another interest rate hike, Chairman Powell said, “Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy.”
As the Lord Leads, Pray with Us…
- For Chairman Powell to seek God’s direction as he heads the Federal Reserve.
- For members of the Federal Reserve to be discerning as they consider inflation and potential further interest rate hikes.
- That the president and his economic advisors look to the Lord for wisdom in their economic policies.
Sources: Newsmax, Fortune, CNBC
