From the Bloomberg article on “Inflation’s Stubborn Start to 2024 Blamed Partly on Powell Pivot.” This quote is another way of expressing my long-held concern that, after the humiliating 2021 policy mistake, the Fed became excessively data dependent and overly reactive in its… pic.twitter.com/EWq0EM3ezw

While continuing to fall, #UK #inflation for March came in higher than the consensus forecast. Headline inflation fell to 3.2%, from 3.4% and above the expected 3.1%. Core was 4.2% (consensus forecast 4.1%). Services inflation remained elevated at 6.0%, again above the consensus…

⚠️Earlier today #Fed VC Jefferson noted: "My baseline outlook continues to be that #inflation will decline further, with the policy rate held steady at its current level ...in contrast to Feb 22: "will likely be appropriate to begin dialing back policy restraint later this year" pic.twitter.com/E5F5bqcz2H

🚨#Fed Chair #Powell with hawkish signal 1⃣"Recent data have clearly not given us greater confidence [that #inflation will return to 2%] & instead indicate that likely to take longer than expected to achieve that confidence" 2⃣"Allow restrictive policy further time to work"