Comments from the Fed vice chair
- Inflation to rise somewhat further before moderating later this year
- Near term labor market outlook is more uncertain than economic outlook
- We expect the US recovery to pick up steam this year
- Expect inflation to return to or perhaps run somewhat above 2% in 2022 and 2023
- True unemployment adjusted for participation is 8.9%
- Repeats that it's likely to take some time for substantial further progress to be achieved
We heard from 8 Fed speakers yesterday and all those comments were a variation on these same themes. The comments were penned before the CPI release and it will be interesting if he's asked about that data in the Q&A, which is scheduled for .
