Comments from the Philly Fed President:

  • If economy continues to improve, US could potentially reach maxiumum employment and inflation mandate as soon as 2023
  • Forecast is currently that inflation would be at 4% this year then edge down to 2% in next couple years
  • Wants to taper sooner rather than later

The Fed is starting to sweat as employment shortages aren't going away despite the end of supplemental benefits.