By Darrell Delamaide in Washington
The Federal Open Market Committee is moving closer to consensus on exceeding its 2% inflation target to make up for the long period of inflation below that goal. Fed Chair Jerome Powell argued that inflation expectations were anchored too low and the Fed needs to raise them to keep the inflation target credible.
John Williams, vice-chair of the FOMC, noted that inflation has averaged only 1.8% over the past 25 years, consistently below the Fed’s benchmark and suggesting that a new framework for targeting is necessary.
Read the full commentary on the website.
Wednesday 20 March, London, 8:30 GMT
Increasing trade tensions as a result of China-US relations and the UK’s withdrawal from the European Union have put trade at the centre of global economic debate.
The World Trade Organisation and OMFIF organise a seminar on global trade tensions, to discuss topical subjects including trade in services, trade finance and geopolitical challenges to the world trade agenda.
Request to attend the meeting.