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Recent increase in prices has been eye-popping


Chicago Federal Reserve Bank President Charles Evans on Thursday said his read on a wide range of measures of inflation expectations does not suggest recent high inflation readings are getting entrenched into the long-term trajectory for US prices, Reuters reported in recent trade.

”Inflation expectations are ‘not getting out of hand’ Evans said in an online webinar with Princeton University’s Bendheim Center for Finance. Inflation expectations are seen as key to where inflation is headed long-term, and Evan said his worry continues to be whether even now they are high enough to be consistent with the Fed’s 2% target. ‘We’ve underrun our 2% inflation expectation almost since we announced it in 2012.”’

Key notes

Evans says the recent increase in prices has been eye-popping.

Evans says there’s no way to sugarcoat the way higher prices are affecting people.

Evans says supply shocks are a big part of current high inflation reads.

Evans says a burst of higher inflation now will give way to lower numbers ahead; watching expectations will be key.

Evans says inflation expectations are not getting out of hand.

Evans says we have to always be trying hard to get inflation up to 2%.

Evans says he takes seriously the concerns of those worried about higher inflation.

Evans says dual mandate has served us well; allows us to make quick monetary policy responses.

US dollar consolidating recent rally

Meanwhile, the US dollar has given up some ground on Thursday, capped at a one-year high in volatile trading, pressured a little bit by a rise in US weekly jobless claims, and as investors consolidated gains after a steep rise the last few sessions. The bid in the greenback came with a rise in yields due to markets factoring in a more hawkish outlook at the Fed in anticipation of next week’s Nonfarm Payrolls data release. 

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