- So far we’ve been able to walk the golden path
- The bank problems ‘have been the dog that’s not barking’
- We have been disproving people with a stable Phillips curve mindset
- This has been a strange business cycle, so normal tradeoffs don’t apply
- Asked about a rate hike, says he’s ‘not a fan of tying our hands before the data’
- Notes openness to reading data ahead of Sept
- Getting inflation down without higher unemployment ‘would be a triumph’
I don’t see any reason for him to be talking about ‘triumphs’ and whatnot. Fed officials were quiet when it came to taking responsibility for 9% inflation but are now taking a premature victory lap for bringing it down without a recession.
This article was written by Adam Button at www.forexlive.com. Source