Actually, I’d argue that the Fed has failed miserably at “price stability.” Although it has been magnificent at playing the game of “the marketing of the appearance of price stability.” Anyone who believes the government’s CPI stats with their “rental equivalents” and “substitution effects” is a nutjob. Inflation’s gotta be running at least 2 percentage points above what the govies are reporting to us. See John Williams’ Shadow Statistics for the details…
