Free Republic

Since the inflation debate began raising toward the “end” of the pandemic, I have made the case that inflation, as the Federal Reserve first suggested, would be transitory. Transitory never was intended to suggest that a burst of inflation would last only a couple months. Historically, notwithstanding the 1970s and ’80s, post war/pandemic inflations lasted a couple years before turning substantially lower and sometimes careening back into a bout of deflation. There is a gathering amount of data to support that position despite the Fed, and many other economists, persistently worrying about an emergent wage/price spiral instead. The data, to...