Fed Chair Kevin Warsh’s keynote speech at Jackson Hole:
• Inflation remains too high, and the Fed’s predominant focus should be on prices.
• The 2% PCE inflation target is “firm and fixed”.
• Summer inflation data improved, but underlying trends have not meaningfully changed.
• The Fed still has work to do unless inflation returns to target “clearly and at sufficient speed”.
• Labor markets remain stable and consistent with full employment.
• Broad financial conditions are not restrictive.
• A “good majority” favored waiting before changing interest rates in July.
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