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The Federal Reserve has not been this far “behind the curve” for a year or so, the former US Treasury secretary said.

The U.S. services sector returned to growth for the first time in eight months, but selling price inflation accelerated, the S&P Global PMI confirmed.

The Federal Reserve's preferred measure of inflation, personal consumption expenditures price inflation, skyrocketed in January, defying President Joe Biden's lie that "inflation is coming down." Both headline and core PCE prices rose by 0.6% last month, three times the amount headline PCE rose in December and twice that of core PCE. While core PCE rose 4.7% over the past 12 months — still more than twice the 2% inflation benchmark the Fed considers acceptable — January's core PCE inflation was 7.1% on an annualized basis, a significant acceleration for an economy that's supposed...

One cannot deny the fact that there are too many overconfident experts making too many predictions about too many issues too quickly these days. A basic economic principle is useful here: the 24-hour news cycle has created a huge need for expert opinion, and the market has simply created the supply to meet the growing demand.

Given the tendency to choose data that reinforces one’s prejudices, I’ve become nervous about using “artisanal” inflation measures that try to exclude data that may well be misleading. Can we