Fed Suffers Another Setback As Used Car Prices Jump

There was more bad news on the disinflation front Tuesday, and you could plausibly suggest it was more important than anything Jerome Powell said on Capitol Hill. The Manheim used vehicle index rose a third month in February, consistent with a mid-month reading that indicated January's momentum hadn't necessarily waned. The 4.3% increase was the largest full-month February gain since 2009. The jump was "driven partially by the seasonal adjustment," the report noted. Unadjusted, the increase wa