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“I do think that this is a secondary factor relative to decisions by the Fed or other central banks. And in the short-run, other inflationary factors dominate.”

My argument is not that there aren’t short-run transition costs to high levels of immigration — especially in housing, where Canada is seeing some now.

"Both short-run and long-run expectations for economic conditions improved modestly this month, though on net consumers remain relatively tentative about the trajectory of the economy," survey director Joanne Hsu said in a statement.

There are underlying issues as well that Powell could address, topics that may seem abstract or irrelevant in the short-run, but that could be important over time.

"The reduction in short-run expectations is a welcome development – with these data often playing an important role in wage setting," Citi economist Benjamin Nabarro wrote in a note to clients.