A couple of months ago it looked like maybe the inflation rate would finally poke its head above the Fed’s “target” rate of 2 percent. But no. It remains as quiet as ever. It’s now spent six consecutive years under the “target.” It kinda makes you think that maybe the target is really 1.5 percent or so, with the actual rate bouncing around a bit on either side of that—as it should. Alternatively, the Fed has no idea how to manage inflation upward even if it wants to. I think it’s a little of both.