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St. Louis Federal Reserve (Fed) President Alberto Musalem indicated that he was carefully monitoring whether or not an increase in short-term inflation expectations was seeping into longer-term ones, noting that such a improvement might complicate efforts to fight inflation and diminish the Fed’s flexibility in addressing labour market weaknesses.
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Key Quotes
- Distinct chance that inflation rises at the same time as labour market softens.
- Applicable to lean towards tariff-induced ‘second-round’ inflation that could be persistent.
- Inflation expectations should stay anchored for a Fed coverage that is attentive to each employment and worth stability considerations to be possible.
- Uncertainty is excessive, Fed coverage is effectively positioned.
- Draw back dangers to progress, employment have elevated; notable headwinds for labour market.
- Restricted progress on inflation since mid-2024; dangers of near-term rise have elevated; extra work to do.
- Carefully monitoring whether or not rise in near-term inflation expectations seeps into longer-term ones.
- Bankers say mortgage demand softening, see shopper mortgage portfolios weakening, difficult circumstances for agricultural sector.
- Companies say they anticipate to boost costs attributable to tariffs, but in addition report customers are more and more price-sensitive.
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