Title : "Biden and the Fed Leave 1970s Inflation Fears Behind/Administration and Fed officials argue that workers not getting enough stimulus help is a larger concern than potential spikes in consumer prices."
link : "Biden and the Fed Leave 1970s Inflation Fears Behind/Administration and Fed officials argue that workers not getting enough stimulus help is a larger concern than potential spikes in consumer prices."
"Biden and the Fed Leave 1970s Inflation Fears Behind/Administration and Fed officials argue that workers not getting enough stimulus help is a larger concern than potential spikes in consumer prices."
Headline at the NYT. Excerpt:No one better embodies the sudden break from decades of worry over inflation — in Washington and elite circles of economics — than Janet L. Yellen, the former Federal Reserve chair and current Treasury secretary.... “I have spent many years studying inflation and worrying about inflation,” Ms. Yellen told CNN earlier this month. “But we face a huge economic challenge here and tremendous suffering in the country. We have got to address that. That’s the biggest risk.”
[Federal Reserve Chair Jerome H.] Powell used a speech last week to push back on the idea that the economy was at risk of overheating. He said that prices could show a brief pop in the coming months... “That’s really not going to mean very much,” Mr. Powell said, noting that inflation has trended lower for decades. “Inflation dynamics will evolve, but it’s hard to make the case why they would evolve very suddenly, in this current situation.”
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