Commentary
Federal Reserve (Fed) Chairman Jerome Powell spoke frankly on Nov. 30. His thoughtful and balanced talk made clear that the Fed sees the inflation fight as its priority. He explained the uncertain timing between Fed action and its impact on inflation but made clear that further interest rate increases are integral to the effort.
Unlike so much that comes out of Washington, Powell’s talk was long on perspective and short on promises. In other words, it addressed practical realities. He did allude to the possibility that the Fed might moderate the pace of interest rate increases, attributing such a possibility to technical considerations and not—as so much media intimates—as a sign that the inflation fight might be winding down….