The New York Fed’s Survey of Consumer Expectations shows inflation expectations at a record high.
The Dallas Fed’s Trimmed Mean PCE inflation rate increased to 4.0% y/y in May, up from 3.58% in April.
In its 2022 annual economic report, the Bank for International Settlements has said that timely and decisive action by central banks is needed to restore low inflation.
Fed Governor Christopher J. Waller has said he will support another 75bp rate hike in July if the data justifies it.
As expected by many, the Federal Reserve raised the target federal funds rate 75bp to 1.5-1.75%.
Former Treasury Secretary Lawrence Summers has said there is evidence that Fed rate rises are having an impact on the US economy.
Cleveland Fed President Loretta Mester has said she doesn’t see enough evidence that US inflation has peaked.
The Fed’s vice-chair Lael Brainard has said that a half-point rate rise may be required in September if inflation does not fall.
US president Joe Biden has told Jay Powell that he will respect the independence of the Fed.
Fed governor Christopher Waller has said the central bank is united in its efforts to bring down US inflation.