Fed's Musalem: Logic of 'looking through' supply shocks weakens when one shock follows another; heightens risk of broader inflation taking root

FED'S MUSALEM: ABOUT HALF OF INFLATION NOW IS FROM PERSISTENT DEMAND PRESSURE - LOGIC OF "LOOKING THROUGH" SUPPLY SHOCKS WEAKENS WHEN ONE SHOCK FOLLOWS ANOTHER; HEIGHTENS RISK OF BROADER INFLATION TAKING ROOT