Disinflation Begins

Jerome Powell addresses “disinflation” for the first time

Succinct Summary: The Fed met last week and raised interest rates by 25 bps.  In his press conference, Jerome Powell addressed “disinflation” for the first time. He acknowledged that a disinflationary process has begun, but also continued to signal that the Fed believed that higher rates were still required. Inflation still isn’t coming down in the serv…