Fed chair Powell: No 'clear progress' toward lower inflation

The assessment signals that the Fed will continue raising interest rates higher than its leaders expected, and will likely keep them high next year in its effort toIt will take substantially more evidence to give comfort that inflation is actually declining." Powell said at an event hosted by the Brookings Institution.The Fed has raised rates 6 times since March, with four of those increases by a historically large 0.75 percentage point.

"The timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level," Powell said. All of it is contributing to wages that — from the Fed's perspective — are rising at far too quick a pace.: October's softer-than-expected Consumer Price Index report showed signs of easing price pressures, stoking optimism that inflation had peaked. The Fed, though, isn't yet convinced: "Down months in the data have often been followed by renewed increases," Powell said.

How about the last 20 months inflation due to fiat money printing by Joe Biden

But the market is responding. Hopefully the holiday season will induce corporate America to stop being such grinches and hogging the profit. Lower prices and you gain market share, EPS and customer satisfaction Sounds like a win win

POTUS but all is well, right?

It's almost as if raising interest rates has no effect at taming inflation. Fact is, monopolistic corporations will just lay off workers if they feel pain, which has always been the goal of Fed Chair Powell.

but, but ... what about the Inflation Reduction Act of 2022?

Powell is going to drive the middle class over a cliff.

No more hikes until well after the holidays!

Meanwhile corporations profits are skyrocketing and at record highs. Raising prices just because under the guise of inflation.

How could this be? Biden got his Inflation Reduction Act passed. We shouldn't have any inflation now.

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