By Greg Ip, includes “All year the Federal Reserve’s message on inflation has been consistent: This year’s surge is transitory, and inflation will soon return close to the central bank’s 2% target. Yet look more closely, and it is clear officials are turning less sanguine—and that explains growing eagerness to start raising interest rates. … The message from the Fed’s latest projections is that ‘transitory’ is lasting an awfully long time.”
Read the full article on: The Wall Street Journal