As incoming Federal Reserve Chair Jerome Powell works through his holiday shopping list, he might consider the nearly 50 percent discount he could get buying Calvin Klein underwear online instead of at the local mall. In the litany of reasons that explains why U.S. consumer price inflation has stalled, the drop in clothing prices last month, which was the largest in 20 years, takes its place alongside cheap cellphone contracts, one-off declines in drug prices and cheap gasoline, among others. The Fed considers all of these price drops “transitory,” but there have been enough in a row for the central bank to miss its ... (full story)