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Fed Taper Talk: Some Officials Suggest They May Join Rate-Cutting Camp in September
BlockBeats News, August 21st: In his latest article, known as the "Fed's Whisperer," Nick Timiraos reported that the minutes of today's policy meeting showed widespread support for the Fed's decision last month to maintain interest rates despite two officials advocating for a rate cut. However, a few officials have aligned themselves with Bullard and Bostic, indicating they may support a rate cut at the Fed's next meeting on September 16th and 17th.
They suggested that the transmission of tariff increases to consumer prices has been slower than expected, which should help alleviate concerns about a new inflationary impact from rising import costs. However, the "hawks" focusing on inflation pointed out that since last month's meeting, price pressures have intensified, including in the services sector. Kansas City Fed President Esther George stated in a speech last week that the impact of tariffs on inflation is limited, partly because the Fed has maintained a stable interest rate.
Unlike Bostic (who has been consistently calculating the inflation level excluding tariffs), George committed never to engage in such calculations, calling it "a concept that is both meaningless and immeasurable." (via Jinse)
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