Hello, Haymakers:
It’s been nearly five and half years since the Fed hit its CPI target of 2%. That streak appears to be in no danger of ending anytime soon. In fact, with diesel prices exploding as they never have before, at least on a sustained basis, inflation is likely to move higher. This is due, in no small part, to how pervasive diesel usage is in the domestic and global economy
However, the Fed’s apologists, both internal and external, are once again rationalizing this inflationary driver. Per the following table, courtesy of the uber-perceptive Vincent Deluard, once all of the troublesome price increases of the post-Covid era have been excised, inflation doesn’t appear all that serious.
As you can see, that’s a long list.
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