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Fed’s Evans: Demand for goods has exploded as services are woefully below what they used to be

  • Inflation is too high
  • The prices of goods in very high demand and in shortage have skyrocketed
  • Expect the economy to continue to function during the pandemic
  • Said his forecast was “aligned with three rate hikes” in 2022
  • Inflation should be 2.5% at the end of the year
  • The stance of monetary policy is “on the wrong foot” given the high inflation

The overall amount of spending by U.S. consumers hasn’t changed much during the pandemic, but a lot more has been directed to goods, which is one of the main reasons goods inflation has risen so much.


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