“What we’re looking for is compelling evidence that inflationary pressures are abating, and that inflation is moving back down,” Mr. Powell said at his news conference Wednesday, noting that instead the inflation situation has worsened. “We thought that strong action was warranted.”One Fed official, the president of the Federal Reserve Bank of Kansas City, Esther George, voted against the rate increase. Economists at Wells Fargo announced after the Fed meeting that they expected a downturn to start midway through next year. “The Federal Reserve has a primary responsibility to control inflation,” President Biden wrote in a recent opinion column. He added that “past presidents have sought to influence its decisions inappropriately during periods of elevated inflation.

Source: New York Times June 15, 2022 20:03 UTC