Harriet Torry
speaker
611 appearances
11 recordings
1 series
first heard Sep 2017
last heard Dec 2024
Harriet Torry’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, so this is the new aspect that we saw in the minutes is that Fed officials are starting to say now that they... So for most of this year, inflation has been below target, but Fed officials were attributing it to transitory factors like price drops in certain categories, for instance, wireless plans for mobile phones.
But now they're saying actually those transitory factors might not be as transitory as we've thought.
And there could be something more persistent going on.
And we got a bit of a preview of this concern when Janet Yellen was speaking in New York.
She did mention that she and her colleagues are not certain that it's transitory and that they're monitoring inflation very closely.
And what we saw in the minutes sort of reinforces that.
And the Fed is really not sure at all why inflation hasn't been picking up.
And it's been weak for several years now.
But in previous years,
There seemed to be a very concrete reason, like, for instance, the dollar appreciated very strongly or oil prices were right down, import prices were down.
Now we have a strengthening economy.
The labor market is doing really well.
And yet inflation is still persistently below target.
And there's a lot of head scratching going on as to why that might be.
That is one thing that they've been discussing.
That's something that came up in the minutes, that the responsiveness of inflation to what they call resource utilization could be weaker than it has been in the past.
I mean, another thing that they mentioned is that it could just be that the tight labor market is taking longer to sort of show through in the inflation data.
So on the one hand, we have these concerns about weak inflation being persistent.
On the other hand, there are certain Fed officials saying,
you know, this inflation could break out at any moment.
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