“So, why did so many forecasters, and I, get this so wrong?
I can’t tell you what’s in Fed Chair Jerome Powell’s heart, despite my past entreaties to the Fed media department. But I can say in regards to my case that I unfairly dismissed the most boring, Econ 101 explanation for why inflation happens: that there was too much money sloshing around for the amount of stuff the economy was able to produce — meaning the price of that stuff went up.”
