Investors will be laser focused next week on commentary from Federal Reserve chair Jay Powell about how the Fed views the risks to inflation and growth, as central bankers try to gauge the economic fallout from conflict in the Middle East
Higher oil prices are expected by some analysts to contribute to a stagflationary environment in the US economy — a combination of inflation and stagnant economic growth that is difficult to combat under the Fed’s dual mandate to keep prices low and employment high.
“It’s yet another stagflation shock,” said Stephen Douglass, chief economist at NISA Investment Advisors. “You have to pick a side and which side of the mandate Powell emphasises will be the first signal.”
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