"Inflation Is Half Our Mandate" And Other Amusing Quotes Of The Day

Fed Chair Jerome Powell inadvertently let slip the Fed's true mandate.

Inflation is half of our Mandate Powell

In a news conference following last Wednesday's FOMC meeting, Fed Chair Jerome Powell inadvertently admitted "Inflation is half our mandate.

He quickly corrected that to "Price stability is half our mandate."  

The second statement is factually correct but in practice the Fed follows Powell's first statement. 

The Fed wants anything but price stability. Here's the clip.

Other Inflation Quotes of the Day

John Mauldin compiled an interesting set of quotes in his missive last Friday: Policy Errors Have Consequences

  • “T.S. Eliot once wrote, ‘Only those who risk going too far can possibly find out how far one can go.’ It seems the US financial system is bound and determined to find out.” John Hussman, July 29, 2021
  • “If I was Darth Vader and I wanted to destroy the US economy, I would do aggressive spending in the middle of an already hot economy… What are you going to get out of this? You’re going to get a sugar high, the higher inflation, then an economic bust.” —Stanley Druckenmiller, July 23, 2021
  • “It’s not riding the tiger that is the problem, it’s the dismount.” John Mauldin, July 30, 2021
  • "The Fed's preferred measure of inflation is nearly as consistent as the returns of Bernie Madoff." Mish, August 2, 2021
  • "Excluding everything that matters, prices are falling."TM Mish, August 2, 2021

Measures of Inflation

CS National, Top 10, CPI, PCE 2021-06

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