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Fed Chair Kevin Warsh recently argued for alternative ways of looking at inflation, such as trimmed means or medians, which, in his words, capture the “underlying inflation rate” and “not … the one-time change in prices because of a change in geopolitics or a change in beef.” Before evaluating his claims, it is useful to explore the distribution of inflation and see what appears to be driving inflation.
A time of disruption is a time when expectations can play an outsized role in shaping the economy’s path.
Today, May 15, is Jay Powell’s final day as Fed Chair.
