Powell Dashboard Shows Uneven Recovery as Fed Plots Next Steps
“When Federal Reserve policy makers gather this week to discuss the U.S. economic recovery from the pandemic, they’ll see a job market that’s improving at a faster pace for some than for others. The dashboard of indicators Fed Chair Jerome Powell and his colleagues have said they are watching to determine how far the country is from reaching their maximum employment mandate shows White and Asian Americans with college educations are faring better than everyone else.”
ECB Sees Early Tensions Emerge Over Ending Crisis Stimulus
“European Central Bank tensions over how and when to discuss ending its emergency bond-buying program are starting to bubble over into the public domain. Little more than an hour after President Christine Lagarde said in an interview that it is “far too early” to debate when to end the stimulus, Austrian central-bank Governor Robert Holzmann said the program will end in March unless there is another severe wave of coronavirus infections.”
India’s RBI Tolerating Faster Inflation Amid Growth Focus
“Indian monetary policy makers are tolerating inflation rates higher than their 4% medium-term target while they focus resources on an economic rebound. Economists see the Reserve Bank of India taking a grin-and-bear it approach to price pressures as it seeks to help Asia’s No. 3 economy recover from one of the world’s worst coronavirus outbreaks. The RBI has chosen to look through a recent surge in inflation because it was supply-side driven, and will only turn persistent when demand kicks in, Deputy Governor Michael Patra said at a briefing June 4.”
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