Inflation will likely continue to decline from its present 7.1 percent annually toward the Federal Reserve Board’s target of 2 percent by this fall, with little or no additional intervention. Federal Reserve Chairman Jerome Powell should refrain from stirring the inflation pot and let the residual heat from previous tightenings bring inflation down softly. The first indication of this continuing inflation decline would be a climbing stock market (a historically leading indicator), followed by anticipatory reductions in mortgage rates. On the other hand, lower job growth would be among the last signals of inflation and a cooling economy. That such a decline has already begun to take
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