• If inflation stays elevated for longer than anticipated, we would hold steady until we know we are getting the inflation job done
• We had work to do before the oil shock and now there’s more work to do
• Persistently higher oil prices would hurt inflation but also hurt growth
• We’re already seeing higher prices show through to the economy with people pulling back on travel because they are worried about higher costs
• Extremely important to bring inflation to 2% but doing it at the expense of jobs puts families behind the 8 ball
• US economic fundamentals solid, labor in a steady place
• High CPI readings won’t be a surprise to anyone
• The real question is: does the ceasefire persist and if it does, then CPI will be old news

Daly, like the rest of us, is watching the Middle East and trying to figure out what comes next. Today, WTI crude is up 7-cents to $97.93. We get March CPI at the bottom of the hour.

This article was written by Adam Button at investinglive.com.



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