The Fed's Struggle to Control Inflation: A Status Update.

The Fed's policy rates have been raised by 500 basis points in a little over a year, but "core" CPI, which excludes the volatile food and energy components, has gotten stuck at around 5.5% to 5.7% for the fifth month in a row. Negative real policy rates are still a form of interest rate repression, and are still stimulative of the economy and of inflation. The crybabies on Wall Street are out there in force screaming about those unfair interest rates and clamoring for immediate rate cuts, like in June, to remove this incredible injustice of 5% short-term rates and even lower long-term Treasury yields (the 10-year Treasury yield is at 3.43%, LOL), when core CPI is 5.5%.