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2021-06-11

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Inflation Rate Climb Adds Impetus to Fed Policy Shift<blockquote>通胀率攀升为美联储政策转向增添动力</blockquote>

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Thanks!","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/181451301","repostId":1114956060,"repostType":2,"repost":{"id":"1114956060","kind":"news","pubTimestamp":1623403683,"share":"https://www.laohu8.com/m/news/1114956060?lang=zh_CN&edition=full","pubTime":"2021-06-11 17:28","market":"us","language":"en","title":"Inflation Rate Climb Adds Impetus to Fed Policy Shift<blockquote>通胀率攀升为美联储政策转向增添动力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114956060","media":"The Wall Street Journal","summary":"Central bankers are set to begin talking about easing bond purchases as soaring prices test patience","content":" Central bankers are set to begin talking about easing bond purchases as soaring prices test patience. WASHINGTON—The recent inflation surge gives Federal Reserve officials further reason to begin discussing an eventual wind-down of their pandemic-driven easy-money policies at their meeting next week.<blockquote>随着物价飙升考验耐心，央行行长们将开始讨论放松债券购买。华盛顿——最近的通胀飙升让美联储官员有更多理由在下周的会议上开始讨论最终结束由大流行驱动的宽松货币政策。</blockquote> A growing number of economists are becoming concerned that the Fed could fall behind the curve on inflation as it seeks to aid the labor market’s recovery. If that happened, the central bank would have to tighten policy more abruptly than economists and market participants currently anticipate, dealing a potential blow to the economy and fueling market volatility.<blockquote>越来越多的经济学家开始担心，美联储在寻求帮助劳动力市场复苏时可能会落后于通胀曲线。如果发生这种情况，央行将不得不比经济学家和市场参与者目前预期的更突然地收紧政策，这可能会对经济造成打击，并加剧市场波动。</blockquote> “The intensity of the current inflation and the current bottlenecks in supply chains and labor markets is greater than I had anticipated,” said former Fed Vice Chairman Donald Kohn, adding that he still shares the central bank’s belief that the inflation pickup is temporary. “But it also could be that the underlying demand-supply balance will not correct as readily or as comfortably as the Fed and I had expected earlier. It’s got my inflation antenna quivering.”<blockquote>美联储前副主席唐纳德·科恩表示：“当前通胀的强度以及当前供应链和劳动力市场的瓶颈比我预期的要大。”他补充说，他仍然同意央行的观点，即通胀回升是暂时的。“但也有可能潜在的供需平衡不会像美联储和我之前预期的那样容易或轻松地纠正。这让我的通胀天线颤抖。”</blockquote> <img src=\"https://static.tigerbbs.com/49af371440294f4e99311c66545c2930\" tg-width=\"333\" tg-height=\"417\">The first step in what is expected to be a gradual process of scaling back easy money would be to slow Fed purchases of mortgage and government bonds, something Fed Chairman Jerome Powell has said he’s not in a hurry to do.<blockquote>预计逐步缩减宽松货币政策的第一步将是减缓美联储购买抵押贷款和政府债券的速度，美联储主席杰罗姆·鲍威尔表示，他并不急于这样做。</blockquote> Consumerprices rose 5% in Mayfrom a year earlier, the Labor Department said Thursday. So-called core prices, which exclude volatile food and energy components, rose 3.8%, the largest annual jump since 1992. That followed strong price increases in April as well. The Fed seeks 2% inflation over the medium term, though it uses a different index as a gauge.<blockquote>美国劳工部周四表示，5月份消费者价格同比上涨5%。所谓的核心价格（不包括波动较大的食品和能源成分）上涨了3.8%，为1992年以来的最大年度涨幅。此前，四月份价格也出现了强劲上涨。美联储寻求中期通胀率达到2%，尽管它使用不同的指数作为衡量标准。</blockquote> Central bankers note that the recent increase in inflation has been powered by an unusual combination of supply bottlenecks and pent-up demand from consumers emerging from their homes—pressures that should ease on their own later this year.<blockquote>央行行长们指出，近期通胀上升是由供应瓶颈和消费者从家中出现的被压抑需求的不同寻常的组合推动的——这种压力应该会在今年晚些时候自行缓解。</blockquote> But Thursday’s data raise the stakes for the Fed as it begins to weigh pulling back on stimulative policies rolled out early in the pandemic.<blockquote>但周四的数据增加了美联储的风险，因为美联储开始权衡撤回疫情初期推出的刺激政策。</blockquote> Since last year, the Fed has held its key overnight interest rate near zero and has been buying at least $120 billion a month of Treasury and mortgage bonds. Its goal is to fuel the economy’s recovery by providing cheap credit.<blockquote>自去年以来，美联储一直将关键隔夜利率维持在接近零的水平，并每月购买至少1200亿美元的美国国债和抵押贷款债券。其目标是通过提供廉价信贷来推动经济复苏。</blockquote> Economists say the easy money is likely exacerbating some of the imbalances that are pushing up prices, since it fuels demand without directly boosting the supply of workers, cars or airplane tickets. A key risk is that price increases become large or persistent enough that consumers and businesses begin to expect and accept higher inflation. If that happens, the Fed would likely have to raise interest rates more than it currently anticipates to bring down those expectations.<blockquote>经济学家表示，宽松货币政策可能会加剧一些推高物价的失衡，因为它刺激了需求，但没有直接增加工人、汽车或机票的供应。一个关键的风险是，价格上涨变得足够大或持续，以至于消费者和企业开始预期并接受更高的通胀。如果发生这种情况，美联储可能不得不加息超过目前预期的幅度才能降低这些预期。</blockquote> For decades, the Fed relied on forecasts of inflation to guide its monetary policy, knowing that interest-rate increases or cuts can take months or years to filter through the economy. If the forecasts showed excessive inflation looming, the Fed tightened policy to prevent inflation from rising that much.<blockquote>几十年来，美联储一直依靠通胀预测来指导其货币政策，因为它知道加息或降息可能需要数月或数年的时间才能渗透到经济中。如果预测显示过度通胀迫在眉睫，美联储就会收紧政策以防止通胀上升那么多。</blockquote> But last August, after more than a decade of below-target inflation, the Fed scrapped that strategy for one that prioritizes a strong labor market. Under the new strategy, if the economy is below full employment, the Fed will wait until it sees evidence of persistently above-target inflation before tightening policy.<blockquote>但去年8月，在经历了十多年低于目标的通胀后，美联储放弃了这一战略，转而优先考虑强劲的劳动力市场。在新策略下，如果经济低于充分就业，美联储将等到看到通胀持续高于目标的证据后再收紧政策。</blockquote> Fed officials have said since December that they won’t raise interest rates until the labor market has returned to maximum employment and inflation has risen to 2% and is on track to rise moderately higher for some time.<blockquote>美联储官员自去年12月以来一直表示，在劳动力市场恢复到最大就业水平、通胀率升至2%并有望在一段时间内温和走高之前，他们不会加息。</blockquote> They haven’t said how high they would be comfortable letting inflation go or for how long, but the sheer size of the recent price increases suggests it is on track to meet or exceed the Fed’s target sooner than was expected just a few months ago.<blockquote>他们没有说他们愿意让通胀上升到多高或持续多长时间，但最近物价上涨的规模表明，美联储有望比几个月前的预期更快地达到或超过美联储的目标。</blockquote> Central bankers have warned in recent remarks that they would act sooner if inflation becomes a problem.<blockquote>央行行长们在最近的讲话中警告说，如果通胀成为一个问题，他们将更快采取行动。</blockquote> Julia Coronado, a former Fed economist and president of MacroPolicy Perspectives LLC, said she doesn’t think recent inflation data call for the Fed to change course.<blockquote>前美联储经济学家、MacroPolicy Perspectives LLC总裁Julia Coronado表示，她不认为最近的通胀数据是美联储改变路线的看涨期权。</blockquote> “These price pressures are very narrowly focused on things that seem like they will be obviously transitory,” Ms. Coronado said. “Think about this: We are at the most intense moment. It will not get more intense than this. We are reopening. We are blasting stimulus into the economy with a fire hose. We’ve got monetary policy at maximum stimulation.”<blockquote>科罗纳多女士说：“这些价格压力非常狭隘地集中在那些似乎显然是暂时的事情上。”“想想看：我们正处于最激烈的时刻。不会比这更激烈了。我们正在重新开放。我们正在用消防水管向经济注入刺激措施。我们已经采取了最大程度的刺激货币政策。”</blockquote> Mark Carney, a veteran central banker who led the Bank of England from 2013 to 2020 and the Bank of Canada from 2008 to 2013, said he sees growing evidence that the tightness in the U.S. labor market and related price pressures could extend beyond the short term.<blockquote>曾在2013年至2020年领导英国央行和2008年至2013年领导加拿大央行的资深央行行长马克·卡尼表示，他看到越来越多的证据表明，美国劳动力市场的紧张和相关的价格压力可能会超出短期。</blockquote> “The prospect of inflation being above target for longer than the makeup of the past undershoot—I think the balance of risks is headed in that direction at this stage,” Mr. Carney said in a Brookings Institution event Monday.<blockquote>卡尼周一在布鲁金斯学会的一次活动中表示：“通胀高于目标的时间比过去低于目标的时间还要长——我认为现阶段风险平衡正在朝着这个方向发展。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Inflation Rate Climb Adds Impetus to Fed Policy Shift<blockquote>通胀率攀升为美联储政策转向增添动力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInflation Rate Climb Adds Impetus to Fed Policy Shift<blockquote>通胀率攀升为美联储政策转向增添动力</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-06-11 17:28\n\n</h4>\n</header>\n<article>\n Central bankers are set to begin talking about easing bond purchases as soaring prices test patience. WASHINGTON—The recent inflation surge gives Federal Reserve officials further reason to begin discussing an eventual wind-down of their pandemic-driven easy-money policies at their meeting next week.<blockquote>随着物价飙升考验耐心，央行行长们将开始讨论放松债券购买。华盛顿——最近的通胀飙升让美联储官员有更多理由在下周的会议上开始讨论最终结束由大流行驱动的宽松货币政策。</blockquote> A growing number of economists are becoming concerned that the Fed could fall behind the curve on inflation as it seeks to aid the labor market’s recovery. If that happened, the central bank would have to tighten policy more abruptly than economists and market participants currently anticipate, dealing a potential blow to the economy and fueling market volatility.<blockquote>越来越多的经济学家开始担心，美联储在寻求帮助劳动力市场复苏时可能会落后于通胀曲线。如果发生这种情况，央行将不得不比经济学家和市场参与者目前预期的更突然地收紧政策，这可能会对经济造成打击，并加剧市场波动。</blockquote> “The intensity of the current inflation and the current bottlenecks in supply chains and labor markets is greater than I had anticipated,” said former Fed Vice Chairman Donald Kohn, adding that he still shares the central bank’s belief that the inflation pickup is temporary. “But it also could be that the underlying demand-supply balance will not correct as readily or as comfortably as the Fed and I had expected earlier. It’s got my inflation antenna quivering.”<blockquote>美联储前副主席唐纳德·科恩表示：“当前通胀的强度以及当前供应链和劳动力市场的瓶颈比我预期的要大。”他补充说，他仍然同意央行的观点，即通胀回升是暂时的。“但也有可能潜在的供需平衡不会像美联储和我之前预期的那样容易或轻松地纠正。这让我的通胀天线颤抖。”</blockquote> <img src=\"https://static.tigerbbs.com/49af371440294f4e99311c66545c2930\" tg-width=\"333\" tg-height=\"417\">The first step in what is expected to be a gradual process of scaling back easy money would be to slow Fed purchases of mortgage and government bonds, something Fed Chairman Jerome Powell has said he’s not in a hurry to do.<blockquote>预计逐步缩减宽松货币政策的第一步将是减缓美联储购买抵押贷款和政府债券的速度，美联储主席杰罗姆·鲍威尔表示，他并不急于这样做。</blockquote> Consumerprices rose 5% in Mayfrom a year earlier, the Labor Department said Thursday. So-called core prices, which exclude volatile food and energy components, rose 3.8%, the largest annual jump since 1992. That followed strong price increases in April as well. The Fed seeks 2% inflation over the medium term, though it uses a different index as a gauge.<blockquote>美国劳工部周四表示，5月份消费者价格同比上涨5%。所谓的核心价格（不包括波动较大的食品和能源成分）上涨了3.8%，为1992年以来的最大年度涨幅。此前，四月份价格也出现了强劲上涨。美联储寻求中期通胀率达到2%，尽管它使用不同的指数作为衡量标准。</blockquote> Central bankers note that the recent increase in inflation has been powered by an unusual combination of supply bottlenecks and pent-up demand from consumers emerging from their homes—pressures that should ease on their own later this year.<blockquote>央行行长们指出，近期通胀上升是由供应瓶颈和消费者从家中出现的被压抑需求的不同寻常的组合推动的——这种压力应该会在今年晚些时候自行缓解。</blockquote> But Thursday’s data raise the stakes for the Fed as it begins to weigh pulling back on stimulative policies rolled out early in the pandemic.<blockquote>但周四的数据增加了美联储的风险，因为美联储开始权衡撤回疫情初期推出的刺激政策。</blockquote> Since last year, the Fed has held its key overnight interest rate near zero and has been buying at least $120 billion a month of Treasury and mortgage bonds. Its goal is to fuel the economy’s recovery by providing cheap credit.<blockquote>自去年以来，美联储一直将关键隔夜利率维持在接近零的水平，并每月购买至少1200亿美元的美国国债和抵押贷款债券。其目标是通过提供廉价信贷来推动经济复苏。</blockquote> Economists say the easy money is likely exacerbating some of the imbalances that are pushing up prices, since it fuels demand without directly boosting the supply of workers, cars or airplane tickets. A key risk is that price increases become large or persistent enough that consumers and businesses begin to expect and accept higher inflation. If that happens, the Fed would likely have to raise interest rates more than it currently anticipates to bring down those expectations.<blockquote>经济学家表示，宽松货币政策可能会加剧一些推高物价的失衡，因为它刺激了需求，但没有直接增加工人、汽车或机票的供应。一个关键的风险是，价格上涨变得足够大或持续，以至于消费者和企业开始预期并接受更高的通胀。如果发生这种情况，美联储可能不得不加息超过目前预期的幅度才能降低这些预期。</blockquote> For decades, the Fed relied on forecasts of inflation to guide its monetary policy, knowing that interest-rate increases or cuts can take months or years to filter through the economy. If the forecasts showed excessive inflation looming, the Fed tightened policy to prevent inflation from rising that much.<blockquote>几十年来，美联储一直依靠通胀预测来指导其货币政策，因为它知道加息或降息可能需要数月或数年的时间才能渗透到经济中。如果预测显示过度通胀迫在眉睫，美联储就会收紧政策以防止通胀上升那么多。</blockquote> But last August, after more than a decade of below-target inflation, the Fed scrapped that strategy for one that prioritizes a strong labor market. Under the new strategy, if the economy is below full employment, the Fed will wait until it sees evidence of persistently above-target inflation before tightening policy.<blockquote>但去年8月，在经历了十多年低于目标的通胀后，美联储放弃了这一战略，转而优先考虑强劲的劳动力市场。在新策略下，如果经济低于充分就业，美联储将等到看到通胀持续高于目标的证据后再收紧政策。</blockquote> Fed officials have said since December that they won’t raise interest rates until the labor market has returned to maximum employment and inflation has risen to 2% and is on track to rise moderately higher for some time.<blockquote>美联储官员自去年12月以来一直表示，在劳动力市场恢复到最大就业水平、通胀率升至2%并有望在一段时间内温和走高之前，他们不会加息。</blockquote> They haven’t said how high they would be comfortable letting inflation go or for how long, but the sheer size of the recent price increases suggests it is on track to meet or exceed the Fed’s target sooner than was expected just a few months ago.<blockquote>他们没有说他们愿意让通胀上升到多高或持续多长时间，但最近物价上涨的规模表明，美联储有望比几个月前的预期更快地达到或超过美联储的目标。</blockquote> Central bankers have warned in recent remarks that they would act sooner if inflation becomes a problem.<blockquote>央行行长们在最近的讲话中警告说，如果通胀成为一个问题，他们将更快采取行动。</blockquote> Julia Coronado, a former Fed economist and president of MacroPolicy Perspectives LLC, said she doesn’t think recent inflation data call for the Fed to change course.<blockquote>前美联储经济学家、MacroPolicy Perspectives LLC总裁Julia Coronado表示，她不认为最近的通胀数据是美联储改变路线的看涨期权。</blockquote> “These price pressures are very narrowly focused on things that seem like they will be obviously transitory,” Ms. Coronado said. “Think about this: We are at the most intense moment. It will not get more intense than this. We are reopening. We are blasting stimulus into the economy with a fire hose. We’ve got monetary policy at maximum stimulation.”<blockquote>科罗纳多女士说：“这些价格压力非常狭隘地集中在那些似乎显然是暂时的事情上。”“想想看：我们正处于最激烈的时刻。不会比这更激烈了。我们正在重新开放。我们正在用消防水管向经济注入刺激措施。我们已经采取了最大程度的刺激货币政策。”</blockquote> Mark Carney, a veteran central banker who led the Bank of England from 2013 to 2020 and the Bank of Canada from 2008 to 2013, said he sees growing evidence that the tightness in the U.S. labor market and related price pressures could extend beyond the short term.<blockquote>曾在2013年至2020年领导英国央行和2008年至2013年领导加拿大央行的资深央行行长马克·卡尼表示，他看到越来越多的证据表明，美国劳动力市场的紧张和相关的价格压力可能会超出短期。</blockquote> “The prospect of inflation being above target for longer than the makeup of the past undershoot—I think the balance of risks is headed in that direction at this stage,” Mr. Carney said in a Brookings Institution event Monday.<blockquote>卡尼周一在布鲁金斯学会的一次活动中表示：“通胀高于目标的时间比过去低于目标的时间还要长——我认为现阶段风险平衡正在朝着这个方向发展。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/inflation-rate-climb-adds-impetus-to-fed-policy-shift-11623341429?mod=markets_lead_pos1\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/inflation-rate-climb-adds-impetus-to-fed-policy-shift-11623341429?mod=markets_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114956060","content_text":"Central bankers are set to begin talking about easing bond purchases as soaring prices test patience.\n\nWASHINGTON—The recent inflation surge gives Federal Reserve officials further reason to begin discussing an eventual wind-down of their pandemic-driven easy-money policies at their meeting next week.\nA growing number of economists are becoming concerned that the Fed could fall behind the curve on inflation as it seeks to aid the labor market’s recovery. If that happened, the central bank would have to tighten policy more abruptly than economists and market participants currently anticipate, dealing a potential blow to the economy and fueling market volatility.\n“The intensity of the current inflation and the current bottlenecks in supply chains and labor markets is greater than I had anticipated,” said former Fed Vice Chairman Donald Kohn, adding that he still shares the central bank’s belief that the inflation pickup is temporary. “But it also could be that the underlying demand-supply balance will not correct as readily or as comfortably as the Fed and I had expected earlier. It’s got my inflation antenna quivering.”\nThe first step in what is expected to be a gradual process of scaling back easy money would be to slow Fed purchases of mortgage and government bonds, something Fed Chairman Jerome Powell has said he’s not in a hurry to do.\nConsumerprices rose 5% in Mayfrom a year earlier, the Labor Department said Thursday. So-called core prices, which exclude volatile food and energy components, rose 3.8%, the largest annual jump since 1992. That followed strong price increases in April as well. The Fed seeks 2% inflation over the medium term, though it uses a different index as a gauge.\nCentral bankers note that the recent increase in inflation has been powered by an unusual combination of supply bottlenecks and pent-up demand from consumers emerging from their homes—pressures that should ease on their own later this year.\nBut Thursday’s data raise the stakes for the Fed as it begins to weigh pulling back on stimulative policies rolled out early in the pandemic.\nSince last year, the Fed has held its key overnight interest rate near zero and has been buying at least $120 billion a month of Treasury and mortgage bonds. Its goal is to fuel the economy’s recovery by providing cheap credit.\nEconomists say the easy money is likely exacerbating some of the imbalances that are pushing up prices, since it fuels demand without directly boosting the supply of workers, cars or airplane tickets. A key risk is that price increases become large or persistent enough that consumers and businesses begin to expect and accept higher inflation. If that happens, the Fed would likely have to raise interest rates more than it currently anticipates to bring down those expectations.\nFor decades, the Fed relied on forecasts of inflation to guide its monetary policy, knowing that interest-rate increases or cuts can take months or years to filter through the economy. If the forecasts showed excessive inflation looming, the Fed tightened policy to prevent inflation from rising that much.\nBut last August, after more than a decade of below-target inflation, the Fed scrapped that strategy for one that prioritizes a strong labor market. Under the new strategy, if the economy is below full employment, the Fed will wait until it sees evidence of persistently above-target inflation before tightening policy.\nFed officials have said since December that they won’t raise interest rates until the labor market has returned to maximum employment and inflation has risen to 2% and is on track to rise moderately higher for some time.\nThey haven’t said how high they would be comfortable letting inflation go or for how long, but the sheer size of the recent price increases suggests it is on track to meet or exceed the Fed’s target sooner than was expected just a few months ago.\nCentral bankers have warned in recent remarks that they would act sooner if inflation becomes a problem.\nJulia Coronado, a former Fed economist and president of MacroPolicy Perspectives LLC, said she doesn’t think recent inflation data call for the Fed to change course.\n“These price pressures are very narrowly focused on things that seem like they will be obviously transitory,” Ms. Coronado said. “Think about this: We are at the most intense moment. It will not get more intense than this. We are reopening. We are blasting stimulus into the economy with a fire hose. We’ve got monetary policy at maximum stimulation.”\nMark Carney, a veteran central banker who led the Bank of England from 2013 to 2020 and the Bank of Canada from 2008 to 2013, said he sees growing evidence that the tightness in the U.S. labor market and related price pressures could extend beyond the short term.\n“The prospect of inflation being above target for longer than the makeup of the past undershoot—I think the balance of risks is headed in that direction at this stage,” Mr. Carney said in a Brookings Institution event Monday.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":368,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":18,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/181451301"}