Reuters Reelin’ in the year: Powell’s pivot, Fed unity, and the war on inflation The Federal Reserve started 2022 expecting a surge in inflation to subside as the pandemic-scarred economy got back to normal, and divided over how much the U.S. central bank might need to help the process with higher interest rates. By March, a European land war had upended the inflation and economic forecasts; by the summer, an acceleration in price pressures had dashed hopes that only a modest Fed response would be needed; by the fall, public disagreement among policymakers had all but disappeared. When Fed Chair Jerome Powell on Wednesday gives what amounts to capstone remarks for the year at the Brookings Institution in Washington, he’ll speak as a central banker who both began 2022 on a decidedly wrong foot – “we continue to expect inflation to decline over the course of the year,” he said…
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