Cornell Chronicle

“Federal Reserve Chair Jerome Powell will confirm this week what he has previously promised and what the market has already priced-in to trading: that the Federal Open Market Committee (FOMC) will be raising the policy rate by another 75 basis points. More interesting than this is the New York Fed's recent clarification of the Fed's policy frame – its Summary of Economic Projections – going forward, and relatedly how much ‘pain,’ as Chair Powell might put it, the central bank is willing to inflict on working people who are not responsible for current core inflation.”

Robert Hockett

Professor of Law