The 2021 surge in global shipping costs was a canary in the coal mine for the persistent rise in inflation
THE COSTS OF MISREADING INFLATION By JONATHAN D. OSTRY** It bears remembering that, as recently as the second half of 2021, the Federal Reserve considered that the surge in consumer price inflation would dissipate, with price increases returning to the Fed’s 2 percent target in 2022. In testimony before Congress, Fed Chair Jerome Powell affixed…
