Despite cautionary remarks from a few of its dovish members, the Federal Reserve seems determined to continue uninterrupted down its course of gradual policy tightening. The slowing of inflation since the start of the year is not yet a deterrent.From the FOMC minutes to the June meeting released this week, our emphasis:Recent readings on headline and core PCE price inflation had come in lower than participants had expected. On a 12-month basis, headline PCE price inflation was running somewhat below the Committee’s 2 percent objective in April, partly because of factors that appeared to be transitory.Core PCE price inflation–which historically has been a more useful predictor of future inflation, although it, too, can be affected by transitory factors–moved down from 1.8 percent in March
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Despite cautionary remarks from a few of its dovish members, the Federal Reserve seems...