CEA Chairman Bernstein: Expects inflation to decline later this year

Following comments from Federal Reserve Chairman Jerome Powell that indicate impending rate cuts, many on Wall Street are discussing what impact this will have on the current U.S. economy. Many, including Chairman Powell, believe that it will be necessary to continue to closely monitor the data in order to make further decisions.

White House Economic Advisory Council Chairman Jared Bernstein meets with Yahoo Finance reporter Jennifer Schonberger to share his current assessment of the economy.

Bernstein argues that the U.S. economy is “in a good place,” adding that the labor market is “solid” and consumer spending “continues to help generate a truly durable and reliable expansion.” Despite some slowdown in economic data, Bernstein believes the economy is beginning to normalize.

When asked about the labor market, Bernstein admits, “It is true that the last jobs report was weaker than expected, but any month can have fluctuations and volatility,” but overall the market is still doing well.

Regarding inflation, Bernstein said it “continues to trend downward… we think it will likely continue to moderate over the rest of the year.”

Watch Federal Reserve Chairman Jerome Powell’s full speech here.

Click here to watch the full episode of Asking for a Trend for more expert insights and information on current market events.

This article was written by Nicolas Jacobino