Daily Bread for 1.12.24: Federal Reserve Officials at Wisconsin Forum Discuss Inflation Fight

 Good morning.

Friday in Whitewater will be snowy, with significant snowfall, and a high of 31. Sunrise is 7:23 and sunset 4:43 for 9h 19m 26s of daytime. The moon is a waxing crescent with 1.8% of its visible disk illuminated.

On this day in 1991, an act of Congress authorizes the use of American military force to drive Iraq out of Kuwait.

Joe Schulz reports Inflation is coming down, but there’s a long way to go, Fed tells Wisconsin banking officials (‘Efforts to combat inflation haven’t caused a spike in unemployment’):

Ron Feldman, first vice president and chief operating officer at the Federal Reserve Bank of Minneapolis, said the declining rate is encouraging, but it’s still short of the central bank’s goal of bringing inflation down to 2 percent.

“A lot of progress (has been) made on inflation, not at the point at which we are comfortable because we are not at our target,” he said. “We’re likely maybe near a peak (in terms of interest rates), but we’re not at the point at which we can sort of say, ‘We know exactly what we’re going to do.'”

Feldman said projections from the Fed show inflation is expected to continue to come down slowly through 2024, and it’s expected to return to the goal of 2 percent in 2026. During that time, he said unemployment is expected to hover around 4.1 percent.

Feldman also said the Fed may begin lowering interest rates as inflation gets closer to the 2 percent target, but said it’s still too early to know when that will happen.

“If things continue the way they’re going, there’s gonna be some decreases,” he said. “But when those happen, how those happen, and if they happen at all are going to be dependent on the data that comes in.”

Porcupine crossing: Rodent stops ski slope traffic:

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