Market news
12.05.2021, 13:44

Fed's vice chair Clarida acknowledges he was surprised by today's CPI report

  • Says he was surprised by today's CPI report but hasn't looked through it in detail
  • If contrary to our baseline view, if inflation expectations are pushed up and are persistent, we would not hesitate to act
  • It may take longer to reopen a $20 trillion economy than it did to shut it down
  • We will need to be attuned to the data and following it closely
  • Inflation rising above 2% is due to transitory factors
  • Inflation to rise somewhat further before moderating later this year
  • Near-term labor market outlook is more uncertain than economic outlook
  • We expect the U.S. recovery to pick up steam this year
  • Expect inflation to return to or perhaps run somewhat above 2% in 2022 and 2023
  • True unemployment adjusted for participation is 8.9%
  • Repeats that it's likely to take some time for substantial further progress to be achieved


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