Nobel laureate Paul Krugman says he's confused by the current US economy - and predicts the Fed will keep fighting inflation until it's clearly won
suggest inflation remains elevated, the labor market is still in rude health, and growth is yet to stall.
He noted that official rent measures lag market rates by a year or more, and underlying inflation measures can be biased or exclude too many items to be useful. "Right now, official measures of job openings show an extremely hot labor market, but private-sector measures show significant cooling," he said, giving an example of why it's hard to get a read on the economy's health right now.
"Given this picture, I don't see how the Fed can avoid continuing to raise interest rates until it's more or less unmistakable that inflation is coming under control," he said.
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