This is an excerpt from our Aug 30 Morning Briefing.
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It seems that Fed Chair Jerome Powell recently read former Fed Chair Paul Volcker’s autobiography, Keeping At It (2018). Amazon’s summary states: “As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world’s faith in central bankers.”
At his press conference last Wednesday, Powell mentioned “keep” or “keep at it” in the context of staying the tightening course a total of six times:
(1) “We will keep at it until we are confident the job is done.”
(2) “The FOMC is strongly resolved to bring inflation down to 2%, and we will keep at it until the job is done.”
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