The Federal Reserve is dealing with a complex set of fundamental factors – including elements that could make inflation “quite persistent” – as it tries to re-establish price stability in a U.S. economy perhaps forever altered by the COVID-19 pandemic and its aftermath. That’s according to Dennis Lockhart, who served 10 years as the president of the Federal Reserve Bank of Atlanta. Lockhart joins Harry Melandri of MI2 Partners for a comprehensive discussion of inflation and unemployment, the economic outlook and financial stability, the global energy market and geopolitics, and how the trajectory of Fed policy will impact all of the foregoing. “The future,” Lockhart notes, “is not only problematic but also biased toward either inflation or biased toward weak growth.” Given the alternatives, though, he’s still inclined to go long the United States. Recorded on October 24, 2022.