Falling import prices and lower expectations hamper Fed, Brainard says

Lael Brainard
Lael Brainard, US Federal Reserve

Lower import prices and falling inflation expectations are making it more difficult for the US Federal Reserve to reach its 2% inflation target, Lael Brainard said in a speech given on September 5.

While unemployment has declined to 4.4%, inflation in the US remains below target. “In today’s economy, there are reasons to worry that the Phillips curve will not prove very reliable in boosting inflation as resource utilization tightens,” said Brainard, who is a member of the US Fed’s board of gove

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