Letter: Inflation far above 2% prediction will last until the 2030s
In his news conference June 15, 2022, Federal Reserve Chairman Powell said he expects inflation will be in the normal target range of 2% by mid-2024. Considering that inflation is now running at a 41-year high of nearly 9%, his expectation is bold, indeed, A look at U.S. inflation history suggests Powell’s expectation is completely…