The data comes from the Dallas Fed’s monthly survey of Texas manufacturers. Comments from manufacturers pinned the blame for higher prices on the Biden administration’s fiscal policy.
For years, the ECB would kill for prices to turn higher and reach, if not surpass, its inflation target of 2.0%. And let’s not even talk about economic growth: ever since the global financial crisis, it seemed as if the old continent is stuck in a slow, miserable debt trap whose eventual outcome is the economic disaster that is Japan.
Powell and many others still think that will happen, but on a longer timetable than first anticipated. New September data on Friday will be parsed against the benchmarks Powell has laid out.