Commentary
Yesterday afternoon, the financial markets were roiled by an early release of the Consumer Price Index that turned out to be a fake. It looked real and markets were flooded with sellers because the number came in at 10.2 percent year over year. That would imply more extreme efforts by the Fed to crack down.
The Bureau of Economic Statistics said it was a fake and everyone calmed down. Can you believe anyone would make up or believe such a ridiculous report?
This morning, the real report came out and it was not that much different. The official inflation rate as measured by consumer prices—which are rising much more slowly than producer prices—is now 9.1 percent, the highest rate in 41 years. This caused immediate gasps all around, and nowhere as intensely as at the White House, where inflation is utterly wrecking this presidency which is polling at devastating low numbers….