NEW YORK: There is no recent precedent for a central bank successfully defeating inflation without"substantial economic sacrifice or recession", said a report presented Friday to Federal Reserve policymakers.
The analysis, prepared by a team of academic and corporate economists, identified parallels between the current climate and that of the late 1970s when former Fed Chair Paul Volcker radically increased interest rates to counter soaring inflation. Recent robust US jobs and retail sales data do not show anything like that right now. But the Booth report predicted the Fed"will need to tighten policy significantly further to achieve its inflation objective by the end of 2025".Philip Jefferson, a member of the Fed's Board of Governors, acknowledged the importance of looking at history but highlighted the"unprecedented" nature of the pandemic that has made the current period distinct.
Source: Education Headlines (educationheadlines.net)
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