A Times Free Press Business section-front headline last Wednesday stated: “Top Federal Reserve official says inflation fight seems nearly won.”
We hope the point of the article is correct — “that inflation will continue falling this year back to the Fed’s 2% target level.”
You may have heard President Joe Biden crowing here and there about bringing inflation down or that falling inflation is proof that “Bidenomics” is working. We also read that inside the White House the president and administration officials can’t understand why the falling inflation rate isn’t wooing voters to re-elect their guy to another term.
The reasons for that go beyond inflation, we believe, but we also think the general public isn’t fooled to conclude that lower inflation means they’re back to paying the same prices for groceries as they did in the pre-COVID days of 2019 when Donald Trump was president.