Fed Chair Kevin Warsh’s keynote address at Jackson Hole:
• Inflation is still too elevated—the Fed’s primary focus must remain on bringing down prices
• The 2% PCE inflation target is “firm and fixed”
• Recent summer data shows some improvement, but underlying trends haven’t shifted significantly
• The Fed still has ground to cover, unless inflation returns to target clearly and at sufficient speed
• Labor markets remain stable and aligned with full employment
• Overall financial conditions are not yet restrictive
• A “good majority” supported holding rates steady in July, favoring patience
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