Asked about the level of inflation, Federal Reserve Chair Powell responds "3% cannot be in a sentence with satisfactory." What if 3% turns out to be closer to the equilibrium inflation rate for a US economy (i) going through major structural changes, several of which are…

Here's the link to the #FederalReserve policy statement. What I found notable relative to my expectation: A stronger characterization of the economy. A larger reduction in the pace of balance sheet reduction. No hint of why the progress on inflation in the last three months…

The FOMC meeting was a foregone conclusion nonevent. That is likely to be true of the next several meetings. Not changing rates partly reflects good news--the real economy is very strong and does not need cuts. And partly bad news--setbacks in progress on inflation.

#Fed Chair #Powell: "Inflation has eased substantially over the past year while the labor market has remained strong. And that's very good news... But inflation is still too high. Further progress in bringing it down is not assured. And the path forward is uncertain" pic.twitter.com/19ib9bIekf