Executives say they think inflation will stay higher for longer. That has implications for Americans’ paychecks — and bills.
, the National Association for Business Economics found that corporate America thinks the Fed should be moving faster to rein in inflation.
At the economics association’s policy conference Monday, Federal Reserve Chair Jerome Powell acknowledged the elephant in the room, using more blunt terms than he had in the past.. “There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level.” Powell also said the Fed might consider interest increases larger than a quarter of a percentage point, the increment by which it usually raises rates.
“The reasons that are causing inflation are not going to go away soon. One is the supply chain. There are still about 50 ships sitting off L.A., [and] delivery times are still getting worse,” said Dan North, a senior economist at Euler Hermes North America. “As long as customers keep streaming through the doors, many employers still continue to express intense demand for workers,” said Julia Pollak, the chief economist at ZipRecruiter, who commented on the latest Job Openings and Labor Turnover Survey, known as JOLTS.
“I don’t see that the expected further rise in interest rates and expected continued inflation is yet at a point to choke off corporate investment,” Simonson said.
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