Promises, Promises

At the September FOMC meeting, "many" Fed officials said the rekindled inflation impulse observed over the first several months of 2024 constituted "a temporary interruption of progress toward 2%." "Recent" inflation updates, by contrast, are "consistent with inflation returning sustainably" to the Fed's (mostly arbitrary) definition of price stability. So, inflation overshoots in Q1 were "transitory," just to pull a random adjective out of the thesaurus. The inflation readings that count are t