Why April’s Inflation Data Proves the Fed Is Chasing Ghosts

I have been saying this for a while now, but I think the Federal Reserve is fighting a mythical “boogeyman” that doesn’t exist. According to Fed Chairman Jerome Powell, the Fed wants “greater confidence” that inflation is cooling. And not just in headline numbers, but in core services and housing, where inflation has remained stubbornly sticky. So, the Fed’s decision to hold key interest rates steady last week was no surprise. And it wasn’t a shock either to learn that they are still in “wait-and-see” mode. But as I mentioned in a Market 360 article last week, I think they’re...