The Federal Reserve’s second-in-command, Vice Chair Richard Clarida, said on Nov. 8 that inflation this year has been far higher than the Fed expected, and while he still believes inflationary pressures are transitory and will dissipate “over time,” a longer run of elevated prices would amount to a policy failure on the part of the central bank. Clarida made the remarks in a speech at a virtual symposium on monetary policy frameworks hosted by Washington-based Brookings Institution. “Let me be clear on two points. First, realized PCE inflation so far this year represents, to me, much more than a ‘moderate’ overshoot of our 2 percent longer-run inflation objective, and I would not consider a repeat performance next year a policy success,” Clarida said. “Second, as always, there are risks to any outlook, and I and 12 of my colleagues believe that the risks to the outlook for inflation are to the …