A Fresh Look at Inflation

It will come as no surprise to readers that St. Louis Fed President Jim Bullard (non-voter, über-dove) sees no threat of inflation and sees no reason to raise rates any further.  In an interview with Steve Liesman of CNBC, he stated:

“If it was just me, I’d stand pat where we are and I’d try to react to data as it comes in.  I just don’t see much inflation pressure. … I’m an inflation hawk, but I just don’t see that developing. … I just don’t think this is a situation where we have to be pre-emptive.”

With another disappointing Durable Goods Orders report this morning (-1.7% v -0.6 expected) I thought this would be a good time to refresh our views on inflation and the impact it has on a wide variety of official economic data.

Powell’s Jackson Hole speech is coming up at 10AM ET.  Interestingly, Kuroda and Draghi (nor anyone from the ECB’s executive board) are not attending this year.

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