Today’s $12 Billion Rathole

And still they sit on their hands. Not only did the year-over-year CPI rise by 6.2% in October thereby registering the highest gain since December 1990, but the all import two-year stacked calculation continued to accelerate as well.

What they are apparently waiting for is an outbreak of common sense and courage, but alas both are scarce commodities in the Eccles Building. The inflation rate, in fact, has been relentlessly rising since the two-year stacked rate of change vaulted over the magic 2.00% threshold in March, meaning that current readings have nothing to do with “base effects” or temporary supply chain dislocations. Actually, the rate of gain in the annualized two-year stack has nearly doubled since March.