Commentary
Many people in Washington hoped for much better inflation numbers in February. Below zero would have released tears of joy following this rough weekend of bank failures and the first signs of financial instability in these three years of nonstop terrible. Alas, that did not happen. The report came in at a 0.4 percent increase for the month and 6 percent for the year, or three times the Fed’s target.
Drilling down, there are some really terrible hot spots. Food at home, energy services, and transportation all registered double-digit increases on an annualized basis. You know this intuitively by looking at your utility and grocery bills. Shopping used to be a pleasure. Now it is nothing but pain. We look at those steaks, eggs, and even veggies and think twice and three times. We stand at the cash register with dread. The bill comes and we shake our heads with sadness at what we are going through….