Core PCE inflation rose 4.7% in January YoY, beating expectation of 4.4% increase. The Fed-preferred price index rose 0.6% MoM compared to the market expectation of 0.5%.
Jeremy Stein, former Federal Reserve governor, talks to us about his recent research “The Federal Reserve's Balance Sheet as a Financial-Stability Tool” and why the Fed should maintain a sizeable balance sheet.