May 20 - Two top Federal Reserve officials said Monday they're not yet ready to say inflation trends are again moving sustainably back to the central bank's 2% target, weighing in after data last week showed a welcome easing in consumer price pressures in April.
Speaking separately at a conference held by the Atlanta Fed, Michael Barr, who leads the central bank's bank regulation work, said"inflation readings in the first quarter of this year were disappointing. Data last week, which showed consumer prices rose slower than expected in April and retail spending did not increase at all, both provided some welcome signs that the economy may be losing some steam.
"This lag suggests that the large increase in market rents during the pandemic is still being passed through to existing rents and may keep housing services inflation elevated for a while longer," Jefferson said.
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