Jason Furman on Red-Hot Inflation and What To Do About It

Odd Lots

Bloomberg

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4.4 • 1.6K Ratings

🗓️ 22 November 2021

⏱️ 52 minutes

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Summary

Inflation is hot. You can debate why that is, or how long it will last, or who is to blame, or whether elevated inflation is a worthwhile price to pay for a fast recovery. But, regardless, it exists. So what now? Should the Fed pivot into inflation fighting mode? On this Odd Lots, we speak with Jason Furman, an economics professor at Harvard, and the former Chair of the Council of Economic Advisors under President Obama. He thinks inflation will come in hotter than expected next year, and that it's time for the Fed to ease off the gas pedal somewhat. We talk about the issue, its causes, and his preferred policy path going forward.

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0:42.8	Catalysts. Hello and welcome to another episode of the Odlots podcast. I'm Tracy Alloway.
1:00.2	And I'm Joe, wasn't all. So, Joe, I think without question, the hottest topic in the world of
1:08.6	economics, markets, finance right now has to be inflation. And this debate over whether or not
1:15.9	the higher than expected price levels that we have seen recently are in fact transitory.
1:22.1	Absolutely. We got the October CPI numbers recently. They came in at either 6 or 6.2%.
1:30.0	They're the hottest and I think 31 years. The debate over transitoryness is very hot right now.
1:37.3	A lot of people are capitulated. I mean, I will say we have been spending a lot of time over
1:42.9	the past year talking about supply chain issues. And I find them fascinating as sort of micro markets
1:50.4	in and of themselves and a really interesting exercise in looking at economic and business
1:56.4	principles in a specific and sort of salient thing. But on the other hand, there is plenty of
2:03.0	criticism now that there's too much focus on the supply chain issues. There's been too much focus
2:09.1	on micro versus the macro explanation of inflation. Yeah, exactly right. And so this is the question.
2:17.2	And I guess the question is, can you tease out the two? And so you look like aggregate demand
2:22.5	for goods in the US is absolutely booming or recording this Wednesday, November 17th.
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