An Associated Press story, running in the Minneapolis Star-Tribune, reports inflation is truly happening.
American consumers absorbed another surge in prices in May — a 0.6% increase over April and 5% over the past year, the biggest 12-month inflation spike since 2008.
The Fed, led by Chair Jerome Powell, has repeatedly expressed its belief that inflation will prove temporary as supply bottlenecks are unclogged and parts and goods flow normally again. But some economists have expressed concern that as the economic recovery accelerates, fueled by rising demand from consumers spending freely again, so will inflation.
As you read those words, remember the AP has been a reliable supporter of the Democrats' policies.
Later … Deutsche Bank calls inflation the “global time bomb.” Weimar Germany had some of the worst inflation ever experienced by a developed country; they are really leery of it.
