EXCERPT:
HARLOW: “I thought it was interesting because you said this a few weeks ago that you’re seeing patterns, which you just alluded to, that people are spending in a way that’s more consist went a 2 percent inflation economy, not a 4 percent inflation economy. And economists would agree that, you know, inflation jumps as consumers are spending more. If spending has moderated so much, why hasn’t inflation gotten markedly better?”
MOYNIHAN: “It’s just — there’s a lag to all this. You know, so, I’m talking about data slowly coming for the month of June through June 21st or something like that. What you’re reading about inflation is a calculation that is of a year — “
HARLOW: “So we’ll get there?”
MOYNIHAN: “Yes. So we’ll get there. And that’s a — I think they’ve — they’ve sort of tipped it down, it’s flattened out — it’s tipped down in some areas. You know, but there are areas where it’s not necessarily tipping down to a level they want. And that’s why we think it will take them all of this year and all of next year to actually get more in line.”