To this point, Susan Collins, the Boston Federal Reserve President, said recently that if you take out food, energy, and shelter, inflation is pretty much back to growing at around the 2% level. So, this Fed President thinks that if you can live like a caveman and are pretty good and being a hunter-gatherer and don’t use any energy and ride your bike to work, then inflation is no longer an issue for you.
That must be accretive to inflation. However, the most important boost to inflation will come from the Fed. Mr. Powell and his merry band of money printers have already dropped the FFR by 75bps and have laid the groundwork for about another 100bos of rate cuts between now and the end of next year. But this is nothing compared to what is coming.
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