The Inflation the Fed Can't Control

Hint: It has nothing to do with tariffs

“We have been missing our mandate on the inflation side, our objective of 2%, for more than four-and-a-half years, and I continue to see that we have pressure in inflation both in the headline, in the core, and particularly, where I am worried about it, is I’m seeing it in the services”

—Cleveland Federal Reserve President Beth Hammack

This is an underrep…