Bloomberg Talks Chief Economist at Stifel, Lindsey Piegza, Talks Latest Economic Data, Fed's Path Ahead
Feb 20, 2026
Lindsey Piegza, chief economist at Stifel known for early calls on inflation persistence. She breaks down messy GDP signals and why final domestic sales matter. She warns inflation is stickier than hoped and explains the Fed’s bias to hold rates. She frames recovery as E-shaped and assesses fiscal boosts and shutdown costs.
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Domestic Final Sales Reveal True Momentum
- Real final sales to domestic purchasers rose 2.4%, which strips out noise from inventories and trade.
- That measure better reflects underlying demand than the headline GDP number affected by shutdowns.
Inflation Is Stuck Near 3%
- Inflation picked up to about 2.9% and is unlikely to return quickly to 2% as the Fed hopes.
- Elevated inflation near 3% will keep pressure on policymakers and slow disinflation momentum.
Fed Likely To Stay Pat For Now
- The Fed views moderate growth and recent inflation and payrolls as reasons to remain on the sidelines.
- Recent minutes showed some members were open to hikes, but the Fed is prioritizing inflation focus over cutting soon.