One Good Inflation Report Isn’t Enough

On average, prices did not increase in July. This is great news – and a lot better than I expected. The Federal Reserve should continue its aggressive attack on inflation with another hike of 75 basis points at the September meeting. Coupled with the latest data pointing to continued inflation momentum, some easing of recession concerns and the de facto easing of monetary policy in recent weeks, the case is even stronger.

July was a reprieve for American families. Gasoline prices fell 80 cents a gallon. Consumers got more relief on everything from airfares to hotel accommodations. Prices are still very high, but this is not a problem that can be solved in a single month. One Good Inflation Report Isn’t Enough

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