The president of the St. Louis Federal Reserve contends the central bank might still be able to restore inflation to pre-pandemic lows without triggering a...
The president of the St. Louis Federal Reserve contends the central bank can restore inflation to pre-pandemic lows without triggering a recession, partly because neither investors nor consumers expect prices to keep rising rapidly.
At an event in New York on Tuesday, St. Louis Fed President James Bullard argued in a series of slides that a “soft landing is feasible in the U.S.” That’s a term economists use to describe a successful effort by the Fed to slow the economy without tipping it into recession. Bullard sounded the alarm about rising inflation last year, well before the rest of his colleagues, urging them to react before it was too late.
Higher rates slow the economy — and thus inflation — by raising the cost of borrowing. Consumers and businesses spend and invest less when rates are high. “Markets presently expect inflation to come under control in the quarters and years ahead,” Bullard noted in a slide-heavy presentation at New York University.
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