Twenty-four-month core PCE inflation is now running at a 2.3 percent average annualized rate. In contrast, employment is still down by 6.8 million to 9.1 million relative to its pre-COVID level and trend, respectively, and it has closed about one-fourth to one-third of its December gap.
Such a collective decision-making process may take longer but policies designed and implemented by “conviction” rather than by “obligation” or “necessity”, and with a degree of consensus, significantly improve their odds for success, and persistence over the long-term.