[Sumitomo Mitsui: If Inflation Does Not Slow Down, Fed Policymakers Will Lose Credibility] Jin10 Data, July 22 – Joseph Lavorgna, Chief U.S. Economist at Japan's Sumitomo Mitsui Banking Corporation, stated that if inflation does not slow down, policymakers will lose their hard-earned credibility. In a report, Lavorgna noted that over the past 70 years, there have only been six instances where the core inflation rate dropped by 0.9% year-over-year or more. In each case, the slowdown in inflation was due to the Federal Reserve tightening its policies. Lavorgna said, 'The longer the Fed waits, the higher the probability that interest rates will need to rise above the necessary level. This is why so many previous tightening cycles ended in tragedy. Chairman Volcker understood this.'