BlockBeats News, May 26th, according to Bloomberg, former New York Fed President Dudley warned that the Fed's reputation as an "inflation fighter" is at risk due to its long-standing failure to achieve the 2% inflation target.
"We've been above the Fed's inflation target for over five years," Dudley said. "And there is a risk that inflation expectations could eventually become unmoored."
His comments highlight the challenge facing the new Fed Chair, Powell. Powell took over the Fed at a time when the Consumer Price Index (CPI) recorded the largest one-month increase since 2023, and former President Trump had consistently criticized him for not easing monetary policy.
Dudley believes that Powell's appointment and Trump's pressure to cut interest rates have further exacerbated the Fed's credibility challenge.
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