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Fed Chair Jerome Powell- no light yet at the end of the tunnel [1]

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Date: 2022-11-30

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Generally, Powell’s comments were a smorgasbord of uninspired gloom. Inflation remains stubbornly unrelenting. Labor market remains unbalanced- too many job openings, too few workers. Overall employment participation remains lower than pre-pandemic levels- thought secondary to wave of retirements due to multiple factors. Wage growth is a good thing, but is too high, and both inflation and wage growth should be closer to 2%.

Upshot- Powell committed to continued increases in interest rates in an effort to attain price and wage stability, and balance in the labor market.

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[1] Url: https://www.dailykos.com/stories/2022/11/30/2139222/-Fed-Chair-Jerome-Powell-no-light-yet-at-the-end-of-the-tunnel

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