Immaculate Disinflation Narrative Gets Unwelcome Jolt

In a somewhat disconcerting development for a Fed praying about "immaculate disinflation," job openings across the US economy surged by nearly 700,000 in August, according to data released on Tuesday. To briefly recapitulate, the "immaculate disinflation" narrative hinges on the idea that the glut of job openings can absorb any downshift in demand, sparing the economy actual job losses. If job openings don't normalize (or rise) it means demand is still out of balance with supply, the economy is