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novapsycheFed's Pianalto says troubled by rise in inflation
"The core CPI (consumer price index excluding food and energy) has increased at an annualized rate of more than 3 percent during the past three months. This inflation picture, if sustained, exceeds my comfort level," said Federal Reserve Bank of Cleveland President Sandra Pianalto in a speech at a meeting of the Broadcast Cable Financial Management Association.
[...] Pianalto saw energy prices flattening out, the house market cooling and a moderation in economic activity.
"As the year progresses, I anticipate that the pace of economic expansion will slow from its rapid rate of the first quarter. Nevertheless, I believe that we are on track to achieve our objective of sustainable economic growth."
However, Pianalto also noted that inflation had been running faster than expected.
"Last year I began to anticipate that we might confront some disappointing inflation data in the first half of this year, although I was not expecting quite as much inflation as we have seen. Still, I have been expecting price pressures to diminish," she said.
"The core CPI (consumer price index excluding food and energy) has increased at an annualized rate of more than 3 percent during the past three months. This inflation picture, if sustained, exceeds my comfort level," said Federal Reserve Bank of Cleveland President Sandra Pianalto in a speech at a meeting of the Broadcast Cable Financial Management Association.
[...] Pianalto saw energy prices flattening out, the house market cooling and a moderation in economic activity.
"As the year progresses, I anticipate that the pace of economic expansion will slow from its rapid rate of the first quarter. Nevertheless, I believe that we are on track to achieve our objective of sustainable economic growth."
However, Pianalto also noted that inflation had been running faster than expected.
"Last year I began to anticipate that we might confront some disappointing inflation data in the first half of this year, although I was not expecting quite as much inflation as we have seen. Still, I have been expecting price pressures to diminish," she said.