Wednesday, May 31, 2023
The American Economic Association hosted its twelfth annual Conference on Teaching and Research in Economic Education from May 31 to June 2, in Portland, Oregon. Sylvain Leduc, EVP and Director of Research at the San Francisco Federal Reserve, was the plenary speaker during the conference’s opening events on May 31. Sylvain discussed current inflationary pressures and economic conditions during a prepared presentation and answered questions from the audience.
Download Sylvain’s slides (2.96 mb) from his May 31 presentation.
About the Speaker
Tight labor markets have raised concerns about labor costs’ role in persistently high inflation readings. Policymakers are paying particular attention to nonhousing services inflation. Analysis shows that higher labor costs are passed along to customers in the form of higher nonhousing services prices, however the effect on overall inflation is very small.
U.S. households built up savings at unprecedented rates following the strong fiscal response and lower consumer spending related to the pandemic. Despite recent rapid drawdowns of those funds, estimates suggest that a substantial stock of excess savings remains in the aggregate economy and that these funds could be available to support personal spending at least into the fourth quarter of 2023.
Watch our live discussion on Inflation and the Economy with Sylvain Leduc, EVP and Director of Research at the San Francisco Federal Reserve.