It's a loathing that colors their perception of the economy and their personal finances. And even if the Federal Reserve hits its so-far unmet inflation target of 2%, it won't be enough to soften that revulsion for most people.Those are among the findings from a pair of recent studies exploring how Americans feel about inflation, whether those feelings can change, and what policymakers should make of that sentiment.
A shopper takes a carton of eggs from the cooler in a grocery store in Washington, D.C., on Saturday, April 6, 2024. On average, Americans prefer a 0.20% annual inflation rate, well below the central bank's 2% target and far from where inflation currently stands — at 3.4% last month. Several theories moved participants' preferred inflation rate, but only one had a statistically significant effect on inflation preferences: that wages don't keep up with inflation and reduce purchasing power.
After all, Schoenle said, "Economics is an evolving science … economists don't have one theory that says this is the target we have to have." KSTPIn an interview with a St. Paul, Minnesota reporter that aired a few days before his scheduled appearance Friday at the state GOP Lincoln Day fundraising dinner, former President Donald Trump denied saying that he wouldn’t return to the Midwest state if he lost it in 2020—but the local ABC affiliate brought the receipts to prove otherwise.
Source: Financial Digest (financialdigest.net)
Inflation Rate Stefanie Stantcheva Federal Reserve Americans Unemployment Rate Harvard University Wage Inflation Tom Williams Political Economy
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