Nick Timiraos
@NickTimiraos
Chief economics correspondent, The Wall Street Journal • Author, "Trillion Dollar Triage”
123 Following 424.4K Followers
Bessent on the Fed: "Based on the way they cut rates last fall, they should be cutting rates now."
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NY Fed President John Williams says you can take the summer off: "It's not going to be that in June, we're going to understand what's happening, or July."
"It's going to be a process of collecting data, getting a better picture, and watching those things develop."
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The Fed adopted changes to its policy setting framework in 2020 because the very low rate world of the previous decade had introduced a meaningful asymmetry to their inflation target.
The world had other plans. Freed from that regime, the Fed is now seeking to retool.
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CPI was in line with expectations
Core CPI was +0.24% in April, keeping the YoY rate at 2.8%
Headline CPI was +0.22% in April, lowering the YoY rate to 2.3% from 2.4%, a new four-year low https://t.co/Zpot9ZZwyY
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Fed officials agree that rate cuts aren't appropriate until they see concrete signs of slower spending and higher joblessness.
But differences are flaring over how confident officials can be that price increases from tariffs and shortages will be temporary.
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"This idea that you can break trade, and not break the capital flow side, is a fantasy."
The dollar has weakened while longer-dated Treasurys have been under pressure since President Trump's April 2 trade announcement https://t.co/MIILwPEJfs
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