The Fed are saying that there is no evidence yet that underlying inflation is moving higher.
More Quotes from Keith Hembre:
Oil is a double-edged sword. From one aspect, it lifts overall inflation but from the other side of the same coin it places a constraint on growth. So if oil prices remain high, the implications for the Fed get a little dicey,Keith Hembre
What struck me as a little out of character was the Fed's characterization of inflation staying elevated, ... What was here was a clear absence of any sort of signal that the Fed is getting close to the end of tightening and the market seems to be reacting a bit negatively to that.
Keith Hembre
We'll see continued downward pressure on unit labor costs in the first quarter. I think it's favorable on the inflation front.
Keith Hembre
The historical pattern is for shocks of this nature to initially be absorbed roughly equally between lower savings and lower purchases for other goods and services.
Keith Hembre
There will be some clear near-term inflation effects because of higher energy prices.
Keith Hembre
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