Warning: Real Inflation is Already 3%... and the Fed Wants More!
While the Fed Board of Governors continues with its “we don’t see inflation anywhere” shtick, one of its own in-house measures (the underlying inflation gauge or UIG) is about to hit 3%.
The UIG estimated on the “full data set” increased from a revised 2.91% in October to 2.95% in November.
Source: the NY Fed.