Inflation isn't down. Hold on tight.
A quick look at price level (and U.S. wages)
The latest inflation news seems awfully good for U.S. consumers and the Fed, with prices up a mere 3.0 percent from a year ago. That’s one-third of the inflation many of us expected, and frankly, a relief on a personal level. President Biden is also probably feeling relieved, but there are two reasons why he shouldn’t breathe too easily, shown in the two charts I prepared here:
What does this mean?
