Yellen Q&A: Reiterates that inflation shortfall in 2017 a mystery

When all you have to go on is academic models, it’s a mystery when reality doesn’t fit

More from the Q&A

  • Inflation data can be noisy month to month
  • Expects inflation to move up somewhat in coming months
  • Labor market is getting tighter
  • FOMC not currently considering changing inflation goal
  • Would not be a tragedy to see inflation overshoot
  • Term premiums narrow in part because of spillovers of international monetary policy
  • Yellen says to get a neutral stance, the Fed would need a bit more tightening but not an excessive amount

The dollar rallied on the early headlines but has given it back. Trying to read anything into her comments is splitting hairs; there isn’t much new here.

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