Quarles elaborates on why the Fed’s stance might have to change—if inflation expectations rise much further *or* demand runs hotter after what’s looking like a longer interval of supply disruptions, for example, from “additional fiscal programs currently under discussion.” pic.twitter.com/k5fqo8wfJn
— Nick Timiraos (@NickTimiraos) October 20, 2021
Quarles: If inflation stays at 4% through "next spring," then we might have to reassess the rate path
Waller yesterday had a slightly less patient time frame. He wanted to see prices decline from recent high levels "this year" before pulling forward rate increases
— Nick Timiraos (@NickTimiraos) October 20, 2021