- Fed's vice chair Clarida acknowledges he was surprised by today's CPI report
Market news
12 May 2021
Fed's vice chair Clarida acknowledges he was surprised by today's CPI report
- Says he was surprised by today's CPI report but hasn't looked through it in detail
- If contrary to our baseline view, if inflation expectations are pushed up and are persistent, we would not hesitate to act
- It may take longer to reopen a $20 trillion economy than it did to shut it down
- We will need to be attuned to the data and following it closely
- Inflation rising above 2% is due to transitory factors
- Inflation to rise somewhat further before moderating later this year
- Near-term labor market outlook is more uncertain than economic outlook
- We expect the U.S. recovery to pick up steam this year
- Expect inflation to return to or perhaps run somewhat above 2% in 2022 and 2023
- True unemployment adjusted for participation is 8.9%
- Repeats that it's likely to take some time for substantial further progress to be achieved
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