Federal Reserve Chairman Jerome Powell is trying to thread a needle — tame inflation that peaked at 9.1% in June 2022 while avoiding an economic slowdown. He has chosen to punt — in September, the Fed policymaking committee he leads left interest rates unchanged.
Federal Reserve Chairman Jerome Powell speaks during a town hall meeting with teachers at the Federal Reserve Board Building, Thursday, Sept. 28, 2023, in Washington. Federal Reserve Chairman Jerome Powell is trying to thread a needle — tame inflation that peaked at 9.1% in June 2022 while avoiding an economic slowdown. He has chosen to punt: In September, the Fed policymaking committee he leads left interest rates unchanged.
Notable progress has been achieved. Year-over-year inflation was 3.7% in August, and the core consumer price index, which excludes energy and food prices, was up 4.3%.A psychiatrist friend told me several times that behavior repeats. Breaking bad habits and correcting character flaws is much tougher than getting a patient to take a specific action or decision within his control.
Shelter is the rent on houses and apartments actually paid and the imputed rent on owner-occupied housing, with the former much affecting the latter. Working from home has increased demand for housing in the suburbs, and affluent professionals who are opting to stay near commercial centers need more space in their apartments. Unfortunately, inflation expectations are hardening.
Voila! As the Fed raised interest rates, stocks rallied earlier this year, especially high-tech stocks. Many landlords can’t sell buildings for what they owe and lack the collateral to refinance, no matter where the Fed sets interest rates.
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