Short Memories (Fade the Inflation Hysteria, II)

Flashback to June 2008 (only three short years ago): Headline CPI was running very close to 5.0 percent.� The Fed funds rate was at 2.0 percent.� Brent crude was $132/barrel.� The Fed’s June 2008 minutes mentioned the word “inflation” 110 times (“deflation” and “disinflation” combined:� zero), and also contained this caveat (emphasis mine): With increased [...]

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