Inflation is a clear and present danger to the American people. Extraordinary excesses in monetary and fiscal policy caused the inflation dragon to resurface after 40 years of dormancy.
Inflation is broadening across sectors and deepening in the minds of households. The price surge is triggering second- and third-order effects: higher wages are going to workers to offset accelerating prices; companies are passing cost increases to their customers with little friction. And forward-price indicators like commodities suggest prices are poised to increase further.
The finances of American households appear vulnerable…
