Evaluating Our Inflation Gurus

Back in June, Federal Reserve Chair Jerome Powell said the mid-year spike in inflation was temporary, and John Williams, President of the Federal Reserve Back of New York, said he expected inflation in 2021 to be around 3% for 2021. These are the people who are in charge of managing inflation.
At the time, I said I expected 2021 inflation to be above 5%, and that we could look at the numbers at year-end to see whose estimate was closer. As you probably know, the 2021 inflation rate came in at 7%, the highest it’s been since 1982.
Last month, President Biden

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