Federal Reserve Bank of Richmond President Jeffrey Lacker warned Wednesday that the inflation picture has "deteriorated" since August amid high energy prices and said the Fed needs to keep overall prices down.
In a prepared speech given to the Charlotte Chamber of Commerce's Annual Economic Outlook Conference, the Fed official said that a key inflation gauge, the PCE, rose significantly in September and October (November's figure will be released Friday). And, he said, given higher consumer price inflation numbers for last month, "the [PCE] numbers for November will be even worse."
"Because the job of a central banker is to protect the purchasing power of currency, it is overall inflation that we need to keep down, not just core inflation," said Mr. Lacker. "I am uncomfortable with the inflation picture."
My hero.
1 comment:
How in the world can a national central bank control the price of global commodities (eg oil) and other imports, and how can they prevent the dollar decline as a result of fiscal irresponsibility of the government which runs up huge deficits and has encouraged the export of our capital which has resulted in huge deficits.
They can't, so it gets covered up with a fake CPI which results in deflating working class income with the hidden tax of invisible inflation, until the fraud gets exposed and the people see that the emperor has no clothes.
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