Commentary Washington has at last admitted what every American has known for months: the country suffers a painful inflation. For the longest time, those in authority have dismissed people’s concerns, insisting that the inflation is “transitory.” But Washington has had to change its tune. No one admits error—who in Washington ever does?—but officials now acknowledge reality and have walked back earlier comments. More important than the rhetoric, monetary policy has begun—though only just begun—to deal with the inflationary menace. The flow of data made the change. At the close of 2020, the Federal Reserve (Fed) confidently forecast low inflation for 2021. Using its preferred indicator, the consumer price deflator, it expected 1.8 percent inflation for this year. Early in the year, the new Biden administration also forecast low inflation. Its budget forecast put 2021 CPI inflation at 2.1 percent. In the first six months of the year, the CPI rose …