Oil pump jacks at sunset sky background. Toned.

Ever since Federal Reserve Chairman Jerome Powell described cyclical or COVID-related elements of inflation as "transitory" (an ambiguous phrase now retired), critics repeatedly seized on year-to-year changes in price indexes as evidence that inflation was instead accelerating every month. As I have noted before, however, the stubborn…

Starting with the April 2021 release, virtually every monthly Consumer Price Index (CPI) report has indicated some form of abnormally high inflation. For instance, the April CPI rose 4.2 percent over the previous 12 months, the largest year-to-year increase since the period ending September 2008. Similarly, the…

Christopher Waller

In his first speech as a member of the Federal Reserve’s Board of Governors, Christopher Waller defended Fed independence and reassured his audience that “deficit financing and debt servicing issues play no role in our policy decisions and never will.”  His goal was to dispel the “narrative”…