Another Inflation Whopper From the BLS Puzzle Palace

We sometimes think that the honchos at the BLS and other government statistical mills had a previous career selling swampland in Florida. After all, they often want you to believe absolutely preposterous things such as their latest report claiming the battle against inflation has been won—with the Fed’s favorite PCE deflator coming in at a below target 1.65% annualized rate in Q4.

So with the inflation genie allegedly back in the 2.00% bottle, the pot-banging on Wall Street has gotten downright ...