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This is good stuff Ayesha! My own interpretation was that it was a balanced overall assessment. However I detected a slightly more positive tone on forward-looking projections. Some examples:

"Core PCE price inflation was expected to step down to 2.6 percent in 2023 and to 2.0 percent in 2024; the projected deceleration in core prices was attributable to the anticipated resolution of supply–demand imbalances, a labor market that was expected to become less tight over the projection period, and a projected decline in import price inflation."

"Market-based measures... continued to suggest that inflation would ease in coming quarters."

"Participants remarked that the strength of the labor market suggested that economic activity may be stronger than implied by the current GDP data, with several participants raising the possibility that the discrepancy might ultimately be resolved by GDP being revised upward."

While I also see further hikes as you suggested, the positive to me was the assessment that progress is being made, and that peak inflation *may* have passed, even if it won't come down quite like an inverted V shape. In this case, inflation took the elevator up and may be taking the stairs down.

Great work!

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