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Diane Swonk: Post pandemic inflation remains a concern as oil shock does not warrant rate hike
Federal Reserve Chair Jerome Powell believes the outlook for inflation is under control and sees no need for another interest rate hike due to the recent oil shock, according to remarks shared on CNBC. Economist Diane Swonk, however, cautions that post pandemic inflation remains a risk, especially as pre-crisis price data for the PCE index continues to come in strong.
Swonk highlighted that the U.S. is five years into the post pandemic inflation cycle, signaling ongoing concerns despite official reassurances.
Earlier this year, Diane Swonk reported that February saw large increases in import and export prices, with computers and semiconductors rising sharply as well as energy costs (full story). Swonk has also highlighted the growing power of Gulf countries in global finance through their sovereign wealth funds (details). Her recent inflation outlook comes after months of monitoring shifting price pressures across sectors.
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