Great News on the Inflation Front
Underlying inflation has cooled
The kerfuffle on Twitter over Isabella Weber’s ideas (on greedflation see Matt Bruenig) made me want to revisit my estimator of underlying inflation. Based on that estimator, we argued in January 2023, a bit prematurely, that the Fed would pivot soon. The Fed did eventually pause the most rapid hiking cycle since 1980. But it is stuck in a ‘holding patt…
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