Commentary The battle is on. The Fed is now charging full steam ahead against the enemy inflation. What was transitory only a few months ago turned out to be more endemic and threatening than any of the Federal Reserve members could see. Only weathermen and Federal Reserve members can be so wrong, for so long and keep their jobs. To be fair, the Fed and the market had been in long-term denial about the reality of the situation. Now they’ve been changing much of their language to indicate they’re well aware of the situation and “on the case.” With one exception… While everything and everyone else is telling a very different story, they’re still talking about 2 percent inflation targets. There’s a reason for that. The Harsh Reality of Inflation Today Fed officials approach the topic of inflation from an academic’s white board—but business leaders have been assessing living in …