More from Dudley: annual price measures could be depressed for a while
More from Dudley: annual price measures could be depressed for a while, he said in comments to reporters. And he added that it will take some time for the inflation rate to get to the 2% target, but also said the sluggishness is due to a number of one-offs, which won't fall out of the y/y calculations for several more months. It's really important, he added, to distinguish what's happening sequentially compared to a y/y basis. That sentiment suggests he'd likely want to hold off on further rate hikes for now. There's little chance for any tightening next month, and the risk for December is slipping too, though balance sheet normalization is expected to be announced at the September 20, 21 FOMC.