Former Philadelphia Fed President on Fed Outlook

The transcript discusses the Federal Reserve's approach to inflation and interest rate hikes. It highlights the shift in consensus towards multiple rate hikes starting in 2022, with concerns about the Fed's delayed response to inflation. Chair Powell's acknowledgment of inflation's link to aggressive monetary policy is noted as a significant step. The discussion also covers the potential risks of delayed action, including economic disruption, and the challenges of achieving maximum employment amid inflation concerns.

How does the speaker describe the Fed's approach to achieving maximum employment?

What concerns are raised regarding the labor market and inflation?

What historical examples are mentioned regarding inflation and interest rate hikes?