Jackson Hole Latest: Fed Can't Fix Fiscal-Driven Inflation.

Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. Mester Says It's Premature to Call CPI Peak (3:46 p.m.) The Federal Reserve will keep rates higher until there is compelling evidence that inflation is easing, Cleveland Fed President Loretta Mester said, adding that it's too soon to say whether price growth has peaked. Furman Says Fed Should Raise Inflation Goal (3:02 p.m.) The Fed and other central banks should consider declaring victory on their price-stability goals once inflation returns to 3%, Harvard economics professor Jason Furman said Friday during the Fed's annual conference in Jackson Hole, Wyoming. [Extracted from the article]