US inflation just hit the lowest in almost 2 years, throwing further Fed rate hikes into question. Here's how President Joe Biden, Paul Krugman, David Rosenberg, and 4 others reacted.
"Supercore still elevated but still trending down," Krugman said in a"I took 4-week moving averages of Google inflation searches. Still somewhat elevated, but suggests that the psychological and perhaps political salience has come down a lot 2/,""Strip out the rental measures and used cars, clear anomalies, and the core CPI index DEFLATED 0.1% MoM in April.
"Adding to today's disinflation news -- Microsoft hitting the tapes stating that it won't be giving raises to full-time employees this year. What ever happened to that 1970's wage-price spiral??" the top economist continued. "Progressively, I do think the bull case is prevailing," Lee told"Inflation is falling faster than most people realize...
"Therefore, it looks like the Fed is going to have to keep the fed funds rate at its 5-5.25% range for some time to come, despite the hopes of the market for a reversal of its tightening later this year," Kamin continued. "Inflation is slowing. How can this"immaculate" disinflation happen when the labor market is still tight? The reason can be found in long lags with which COVID supply disruptions impact inflation.
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