Woofun AI reports that Joseph Lavorgna, Chief U.S. Economist at Sumitomo Mitsui Banking Corporation, stated Federal Reserve policymakers risk losing credibility if inflation fails to decelerate. He noted that in the past 70 years, core inflation has declined year-on-year by 0.9% or more only six times, with each instance driven by Federal Reserve policy tightening. Lavorgna emphasized that delayed action increases the probability of interest rates exceeding necessary levels.