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Podcast: Notes on the Week Ahead
Episode: The Inflation Slide Looks Set to Continue
Description: Among the many comments on inflation in the minutes of the last FOMC meeting was the following, rather gloomy, prediction:
Several participants assessed that healing in supply chains and labor supply was largely complete, and therefore that continued progress on reducing inflation may need to come from further softening in product and labor demand with restrictive monetary policy continuing to play a central role.
Translating from Fedspeak: Several Fed officials worried that they might still have to trigger a recession to get inflation all the way down to their 2% target.
This perspective gained...