Jerome Powell spent several months during 2021 claiming that the rise in inflation was “transitory,” justifying the sharp increase in the Federal Reserve’s balance sheet. Repeated statements in SriKonomics writeups (for example, here) that the Chairman was wrong in his assessment did little to persuade him or his colleagues to tighten last year.
Hawkish Fed Pivot, But Will it Stick?
Hawkish Fed Pivot, But Will it Stick?
Hawkish Fed Pivot, But Will it Stick?
Jerome Powell spent several months during 2021 claiming that the rise in inflation was “transitory,” justifying the sharp increase in the Federal Reserve’s balance sheet. Repeated statements in SriKonomics writeups (for example, here) that the Chairman was wrong in his assessment did little to persuade him or his colleagues to tighten last year.