He noted that a process of "disinflation" seemed to be taking hold so far without throwing employment off course - a hoped-for outcome if it can continue but one that might prove unsustainable if job growth doesn't slow. The full impact of the Fed's already-anticipated rate increases still has not been felt on the economy, meaning the current strength in the job market and elsewhere may in fact begin to wane, Kamin said. Though job growth has remained remarkably strong, the economy is by many estimates still perhaps a million or more positions short of what would have been reached given job growth trends before the onset of COVID-19, suggesting more room for growth. "The data overran the Fed last week, and Powell and his colleagues are falling behind the curve again. Reporting by Howard Schneider; Additional reporting by Andrea Shalal; Editing by Dan Burns and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

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