Fed’s George was crossing the wires:
- Current low level of us inflation does not demand policy response.
- Wait-and-see approach on rates is appropriate; not seeing upward inflationary pressures.
- Not concerned about current low infl, not convinced below-target inflation requires an offsetting overshoot.
- Current outlook for inflation appears benign.
- Persistent deviations from infl. target may be acceptable if they are limited to 50bps above or below.
- Sees little value in pursuing a higher inflation target.
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