The Federal Reserve could lose credibility if it were to consider changing its 2% inflation target before achieving that goal, Richmond Fed President Thomas Barkin said.
“It’s not like 2% is some magical unicorn of a number that we could never hit,” Barkin said Tuesday at an event hosted by the Danville Pittsylvania County Chamber of Commerce in Danville, Virginia.
Harvard University professor Jason Furman, who was chairman of the White House Council of Economic Advisers from 2013 to 2017, called for the Fed to “start making a hawkish pivot to a higher inflation target” in an opinion piece in the Wall Street Journal over the weekend. A monthly Bloomberg survey of 68 economists conducted Aug. 11-16 showed forecasters do not expect the central bank to cut rates until the second quarter of next year — which is three months later than July’s estimate.
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