Jay Powell's goofy inflation measure of core services excluding housing is actually up 6.7% annually over the past three months. That's the fastest rate in nineteen months.

The focus is on three important shifts, he said: improved macroeconomic data, particularly when it comes to the labor market, as well as sharp moves in interest rates and inflation expectations.

If the goofy people think long-term inflation is coming, it'll affect long-term inflation. Paul Krugman says we have nothing to fear but the fear of inflation.