Philadelphia Fed’s Paulson: Inflation Not Just Due to Temporary Factors

Paulson's framing matters less for the inflation diagnosis than for the policy signal: a 2026 voter explicitly endorsing a gradual, moderately restrictive path while noting stable expectations and limited wage pressure. That combination suggests the internal debate is about pace, not direction, which is the more useful read for rate-sensitive corners of crypto and tokenized real-world assets. The open question is whether other FOMC participants echo the gradualist tone or push for a faster path.