Interesting idea to fight inflation in France.

Global economic question: Does this mean there’s a new tour coming?

Tom Barkin, Richmond Fed chief, is usually considered a Fed hawk—but sounds very neutral/centrist here and not alarmed by recent hot inflation data. Taped in North Carolina. Looking forward to listening to.

Atlanta Fed’s Bostic, asked a hypothetical question at University of Miami business school, says yes if inflation were to rise unexpectedly he might support another rate hike (but his base case is one rate cut this year.)

'In the years since the pandemic, it’s become apparent that younger generations are — on average — doing very well economically. From 2019 to 2022, there were big increases in Millennials’ median wealth, not just average.'
--Noah Smith 🐇🇺🇸🇺🇦

Speaking in Fort Lauderdale, Atlanta Fed President Raphael Bostic reiterated he doesn’t think it will be appropriate to cut interest rates until toward the end of the year. The Fed can be patient, he says. bloomberg.com/news/articles/… via Bloomberg Economics

The Fed needs to see housing inflation falling to get confident enough to cut rates, but a lot of the issue is supply. Rent increases are taking longer to moderate in the Northeast and Midwest than in the West and South. bloomberg.com/news/articles/… via Businessweek Matthew B Jennifer Epstein

There are lots of theories on why inflation has been sticky in the first quarter of the year. Rents being slow to be reflected in CPI? Some economists pin some blame on the Fed Chair’s pivot in December. bloomberg.com/news/articles/… via Bloomberg Economics

Seems like this should be public in the interest of transparency and maybe others could learn from it.

Words Powell did not use: 'at some point this year'

Higher for longer? Fed Chair Powell doesn't seem to be in a hurry to cut interest rates. Pretty clearly May is off the table for a cut, and June is looking less likely. It's all data dependent. bloomberg.com/news/articles/… via Craig Torres Bloomberg Economics

'Long Treasuries are once again yielding more than stocks. For a generation that had grown accustomed to a stock market that yielded more, making asset allocation decisions much easier, this development makes life much harder.' bloomberg.com/opinion/articl…
--@JohnAuthers, @Opinion

Whatever the academic merits, the Fed has zero interest in a higher inflation target. None. Nada. Not going to happen.

The Fed believes it would hurt its credibility. If you can't meet the target, no prob, just change it! And it would be politically toxic. People hate inflation.

Q. Is it really a 'fireside chat' if there is no fire? When did all moderated Q&As in front of groups or conferences become 'fireside'?

Caesar salad plus baguette or apple as side from Panera in midtown Atlanta: $8.49. The small, half size is $5.99. (There are further discounts when you use the app.)