Inflation ‘Persistent,’ ‘Resilient,’ ‘Broad-Based’

Inflation is persistent. Perhaps you noticed. That's the thing about inflation: Irrespective of its original, proximate cause, it has a way of spreading out and embedding itself across the economy. It's an invasive species. Once it finds its way into wage-setting and consumer psychology, it's very difficult to dislodge. That's hardly new information. Although the last two years helped policymakers "understand how little they understand" (as Jerome Powell put it in Sintra last year) about infla