Central Banks


The Kansas City Fed Pres. Esther George (voting member in 2022) is to retire in January 2023. The search for a new Kansas City Fed Pres. has begun.

  • Further war-related production delays and lockdowns could raise inflation and mean more Fed intervention
  • War, or China lockdowns, on the other hand, might slow growth and trim inflation
  • The pandemic may have harmed irreversibly the productive potential of the economy
  • I expect the Fed’s policy rate to be in the neighborhood of 2% by August

  • Evidence inflation is clearly decelerating will inform judgments about further tightening

  • Inflation is too high and too broad to dismiss; returning it to the Fed’s 2% target goal is ‘top priority’

  • Surplus household savings are a crucial wildcard for the demand forecast

  • Given the difficulty of being a central banker these days, it is no wonder she seems so angry/serious.

    Here is a picture of her in retirement.



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