Economics
Fed Officials Dig In Against Critics, Unite Behind Powell Plan
- Raft of speakers blast policy as too slow, late on inflation
- Atlanta Fed event shows support for Powell plan to respond
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Harshly criticized for being late in responding to surging inflation, Federal Reserve policy makers at one of their first in-person conferences of the Covid-19 era promised to unite behind Chair Jerome Powell’s strategy to tamp down prices.
Speaking at the Federal Reserve Bank of Atlanta’s annual financial markets conference on Florida’s Amelia Island, host President Raphael Bostic defended the decision to hold interest rates at zero for two years and double the balance sheet to $9 trillion, while promising to push aggressively against inflation near a 40-year high. Cleveland’s Loretta Mester, asked to reflect on lessons learned, didn’t list any and instead said the focus is on the future.