One Thing Might Be Certain About Inflation… It Does Indeed Exist
Despite an uncertain consensus (see The Consensus Outlook on Inflation is… Uncertain!) on the risk for a period of prolonged inflation, a narrative is starting to develop that inflation is actually here. The real question is whether the inflation is transitory, prolonged, or perhaps something in between. Will it stay or will it go? Here are some inflationary observations by John Cochrane, senior fellow of the Hoover Institution at [...]