My one-hundred-and-seventy-fifth YouTube video: “The Fed’s Real Inflation Problem” went up today.
The CPI numbers came out and they were disappointing with inflation running at an 8.3% annual rate in August. But the inflation problem is worst than the headline numbers indicate. Shelter, the single biggest component of the CPI inflation rate, was up by the most in August since 1991. And the Federal Reserve has very little ability to lower a runaway inflation rate in rents using its usual methods of raising interest rates and curbing growth in the money supply. That means the process of controlling inflation is going to be slow and difficult.
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