America's Not-So-Great Inflation
The acceleration of US inflation in recent months has led many alarmed observers to point to parallels with the 1970s, when commodity prices shot up, the US Federal Reserve fell behind the curve, and inflation expectations became unmoored. In fact, today's circumstances could not be more different.
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BERKELEY – It has become abundantly clear that the United States has an inflation problem. What is not yet clear is how big the problem will turn out to be and how long it will last.