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>Fed Chair Powell Says More Likely That We Would Hold Policy Rate Where It Is; Housing Inflation Has Been A Bit Of A Puzzle; Current Rent Increases Have Been Low For Some Time, Not Showing Up In Rollover Leases; Lags Between Decline In Market Rates And It Showing Up Are Longer Than We Though; It Should Show Up, Just A Question Of When; Non-Housing Services Inflation Is The One That May Take The Longest; I Am Confident We Will Get There Though
>Fed Chair Powell Says Credibility Is Everything For Central Banks; We Achieve It By Fulfilling Our Mandate And Not Taking On Politically Fraught Issues; Credibility Also Comes From Sticking To Our Knitting; We Have Made Real Progress On Inflation
>Fed Chair Powell Says Non-Controversial To Say U.S. Fiscal Policy Is On An Unsustainable Path; Immigration Is Alleviating Labor Shortages That We Had; Relevance Of R-Star As Longer-Run Neutral Rate Is Limited; We Are Not Sitting Around Wondering About Longer-run Neutral When We Make Policy Today
