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Feds Daly: We are just close to our inflation target, but we are not satisfied and have not yet declared victory.
Feds Daly: The balance sheet is gradually returning to a more normal level.
Feds Daly: There is little evidence that balance sheet expansion has a direct impact on inflation.
On October 10, at 24:00 on October 10, a new round of price adjustment window for domestic refined oil will be officially opened. According to the opinions of comprehensive institutions, the retail price of refined oil will usher in the eighth increase in 2024. According to Longzhong Information, as of October 8, the average price of reference crude oil in the cycle was US$73.42 per barrel, an increase of 2.43% from the previous cycle. There is basically no suspense about this round of price increase. According to the domestic refined oil price adjustment mechanism, the domestic gasoline and diesel prices will increase by about 115 yuan per ton on October 11. If calculated based on a 70-liter fuel tank, private car owners will spend about 6 yuan more to fill up a tank of gas.
Feds Daly: The Feds responsibility is not to push prices back, but to reduce the price growth rate to 2%.