Further proof we are governed by deceitful chimps: Fed Chair Janet Yellen says sharply rising inflation is just noise and we shouldn’t bother our foolish little heads worrying about it. Inflation will subside because the Fed hath decreed it must. I trust this clears things up. The obvious solution to inflation is for the government to manipulate inflation numbers like it does to unemployment and ignore data that doesn’t fit their predetermined outcome. If people have been looking for a job for more than six months, they are dropped from unemployment numbers. With inflation, they can just tweak the numbers say that, say, rising food prices due to the California drought, are “smoothed out” or otherwise ignored.
Reality must never be allowed to intrude in Washington, DC. However, Yellen’s comments did spur the stock market, so that’s all the matter anyway. The primary job of the Fed is to make banksters and the 1% happy, the rest of us are just “noise.”