Commentary The Bureau of Labor Statistics, keepers of all that is sacred where employment and price data are concerned, just announced that inflation in December reached 7 percent. That’s three consecutive months above 6 percent. And eight consecutive months above 5 percent. Are we seeing a pattern yet? We haven’t seen the Fed’s target rate of 2 percent since prices blew past it as the economy started crawling out of its pandemic fallout shelter. We’re clearly seeing something new here. The Fed still believes that supply chain issues will ease up and that will help bring prices down. But the truth is, these levels of inflation are likely to be the new normal. The Fed’s make-believe inflation target has been 2 percent for as long as we can remember. The Fed has already rationalized that away—since they’ve kept inflation below that level for a significant period of time, it should …
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