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Peter Morici: The one thing that will make Powell’s inflation problem disappear

The Jerome Powell era at the Federal Reserve began in earnest with his testimony before congressional committees, and he rattled markets with his honest and straightforward assessment of the state of the economy and course of monetary policy.

Presiding over a robust economy, pressures are mounting to raise the federal funds rate four times this year instead of the heretofore planned three. He must consider asset and housing markets — not to make investors and realtors happy — but because asset prices considerably affect consumer sentiments and spending.

if the optimists are right about productivity, Chairman Powell will have a lot easier time than many expect.

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