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

From “bumps on the road” to “lack of progress” and greater uncertainty: Federal Reserve Chair Powell hardens his characterization of inflation. #economy #markets

Powell: "The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence" that inflation will return to 2%.

Fed Vice Chair Philip Jefferson says inflation that proves more stubborn would warrant a longer period of interest rates at their current setting. He doesn't refer to rate cuts as a base case, as he did on Feb. 22 www.wsj.com/livecoverage/stock-market-today-earnings-04-16-2024/card/fed-vice-chair-jefferson-rates-could-be-high-for-longer-dgkqF2tWBDmTMs6aLmkw