“Federal Reserve chief Jerome Powell has vowed to follow the data in deciding how high to crank up interest rates to crush the worst inflation surge in four decades,” Politico reports.
“But Powell and other Fed policymakers are making that crucial decision based on data that lately has been so confusing and contradictory that it’s hard for them to know where the economy actually stands.”
Key takeaway: “Economic growth is projected by some analysts to have been negative in the second quarter of the year, but hiring is strong and the jobless rate sits near historic lows. Consumers say they’re unhappy about the economy but are still spending even amid the aggressive price spikes. Supply chains are improving, but manufacturing output is slowing. And Covid cases are skyrocketing again even as America fully reopens for business.”
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