Fed's Mester: We're all-in and we're going to be resolute about getting inflation to goal

• July inflation report was welcome news
• Powell's speech was strong and right
• We really have an imbalance in supply and demand and we're working on the demand side
• European situation may indicate that gasoline prices won't keep retreating
• We need to be cautious in thinking inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term has peaked
• I think Powell delivered a strong message
• We're not predicting recession but expect below-trend growth this year and next

She's certainly not walking back anything Powell said but the bit about below-trend growth is important. To me, all the hawkish Fed talk is predicated on that soft-landing scenario. If there's a real recession then there's a strong belief out there that the Fed will truly pivot.