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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: gregor_us who wrote (6133)5/11/2004 2:23:58 PM
From: mishedlo  Read Replies (1) of 116555
 
Fed's Moskow: Little sign of significant inflation rise
Tuesday, May 11, 2004 6:31:13 PM

CHICAGO (AFX) -- While the rate of U.S. inflation appears to be on the rise, the increase is not substantial enough to worry Chicago Federal Reserve President Michael Moskow. "A year ago, we were worried about unwelcome disinflation; that concern has now subsided. But I do not see broad-based pressures developing that would lead to a significant increase in inflation," he said in prepared remarks to the Green Bay, Wis., Chamber of Commerce. Moskow conceded, however, that once the U.S. output gap closes and inflation risks become more apparent, the Federal Reserve will have to respond with higher interest rates. "Our economy has begun to meet the challenge of the jobless recovery. We cannot maintain this degree of policy accommodation indefinitely," he said. Moskow does not hold a vote on the Fed's rotational interest-rate panel this year, but does participate in policy meetings. Short-term interest-rate futures contracts reflect financial market expectations for the Fed to hike its current 46-year-low 1 percent borrowing target by August. Some see a chance the central bank raises rates as soon as next month

fxstreet.com
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