Journal Editorial Report: Paul Gigot interviews former Trump economics chief Kevin Hassett. Images: Getty Images Composite: Mark KellyThe core rate of inflation has risen to 6.9% over the past year, imposing financial stresses on most Americans. The Federal Reserve now acknowledges that high inflation has persisted too long and signals that it will raise interest rates, though probably not as much as needed. For the first time since 1980, inflation has become a political issue.
In public statements, President Biden has attributed inflation to supply-chain bottlenecks and temporary price spikes on cars and price-gouging by businesses. Supply bottlenecks have clearly pushed up prices, but robust growth in aggregate demand driven by excessive monetary and fiscal stimulus has been a primary source of inflation. The supply constraints will eventually dissipate. Policy makers can’t wait to tone down the bulging pipeline of monetary and fiscal stimulus.
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