Inflation Is Always and Everywhere Increasing, Even When It’s Not

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

The Federal Reserve is expected to raise interest rates today:

The tame inflation and weak retail-sales data released Wednesday won’t deter the Federal Reserve from raising short-term interest rates later in the day but do raise doubts about another rate hike in September….Vince Reinhart, chief economist at Standish Mellon AsseInft Management, said Fed officials repeated the same message over and over: the weak first-quarter spending was transitory, the economy is at full employment and inflation is headed toward the goal of 2%.

Really? Inflation is “headed toward” the goal of 2 percent? If that’s the case, it’s sure doing it in a roundabout way. I’m no economist, but it sure looks to me like every conceivable measure of inflation has been dropping like a stone all year.

Fact:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and billionaires wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2024 demands.

payment methods

Fact:

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2024 demands.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate