Inflation is finally slowing down. We’ve gone from an annual run rate of more than 9% to around 7%. This is not yet mission accomplished but the fact that we’ve gotten a handful of inflation prints going in the right direction is a good start. Even though the past 3 months of inflation have come in at an annualized rate of 3.7%, the Fed is not impressed. Jerome Powell and team want to get it to a more reasonable level. They say that’s 2%. Where does their 2% inflation target come from? You would have to ask them. When asked this week if they would consider changing that target, Powell emphatically said nope, nada, ... (full story)