The coming (mild) inflation

It's going to be fine

There’s a confusing argument about inflation playing out in The Discourse surrounding the passage of the American Rescue Plan. I wanted to give my view on it, but also try to clarify what it is exactly that we are arguing about.

After all, in the most recent Consumer Price Index release, prices were up 1.4% over the past 12 months. That’s below the Fed’s…