The 'inflation gorilla' is out of its cage and it isn't coming back down to the Fed's 2% target anytime soon, portfolio manager says

Dec 22 2022 by Business Insider

 
Federal Reserve Board Chairman Jerome Powell prepares to testify before a Senate Banking Housing and Urban Affairs Committee hearing in Washington, DC, March 1, 2018.

Yuri Gripas/Reuters

The Fed has let the "inflation gorilla" out of the cage, JPMorgan Asset Management portfolio manager William Eigen said. Eigen warned that prices won't come down to the Fed's 2% target anytime soon, and the Fed will likely keep rates high. Rate cuts are unlikely after central bankers mistakenly called...
Continue Reading The 'inflation gorilla' is out of its cage and it isn't coming back down to the Fed's 2% target anytime soon, portfolio manager says