Inflation is Here – The Fed Just Doesn’t Know Where to Look

Federal Reserve Chairman Jerome Powell hit the airwaves today and announced that the Central Bank is going to tolerate "inflation moderately above 2 percent for some time." That's when I about spit coffee all over my screen!

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Inflation is Here – The Fed Just Doesn't Know Where to Look

Early this morning when I sat down to write, I was resigned to talk about how the real economy is faring. 

I had some charts lined up to talk about mobility data, retail sales, imports, transportation, and how back to school plans are likely to fare. 

Spoiler alert – they're all mediocre at best.

But then second quarter GDP revision numbers were released this morning, posting a still-awful -31%.

Initial jobless claims topped one million once again.

And that was followed closely by Federal Reserve Chairman Jerome Powell hitting the airwaves and announcing that the Central Bank is going to tolerate "inflation moderately above 2 percent for some time."

That's when I about spit coffee all over my screen!

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