Powell Cautious on Stimulus Despite Calls for Rate Cuts

Powell is cautious about easing monetary policy and cutting interest rates to stimulate the economy and help Biden's re-election
Inflation indicators like gold, oil, gas, and Treasury rates show higher inflation recently, supporting Powell's stance
Reconstructed CPI by Summers shows much higher historical inflation, peaking at 18% in 2022, explaining low approval and sentiment
Official CPI understates true inflation, with prices up over 18% under Biden, 21% for groceries, and 30% for energy
Even with latest dovish signals, Powell right to keep pedal off accelerator given still elevated inflation by many measures