The Bureau of Labor Statistics released the consumer price index for February this morning, a document worth less than the paper it was printed on, thanks to the war in Iran.
Yes, we’re being a smidge dramatic. But the inflation figures contained herein – a 2.4% increase in the preceding 12 months – should be understood as a time capsule.
If you’re the Federal Reserve looking for answers about the trajectory of inflation as conflict in the Middle East continues, you’re still flying blind.