, Columnist
Americans Have No Clue What's Next on Inflation
The once-stable outlook appears to have shifted drastically among U.S. households.
The price of meat is just one of the uncertainties.
Photographer: Justin Sullivan/Getty Images
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The Federal Reserve’s stated mandate is to “promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates.” The first part is obviously a disaster right now, with more than 36 million Americans filing initial jobless claims in the past eight weeks, bringing U.S. unemployment to levels not seen since the Great Depression. The last objective is easily met, with benchmark Treasury yields hovering close to all-time lows.
But what about stable prices?