President Biden, speaking with reporters, July 19:
Q Yes, thank you, Mr. President. At what point would you consider inflation unchecked to a point at which you would either consider taking action or you would want to see the Fed take action?
THE PRESIDENT: Yeah. There’s nobody suggesting there’s unchecked inflation on the way — no serious economist. That’s totally different.
The U.S. Bureau of Labor Statistics, this morning: “The all items index rose 7.0 percent for the 12 months ending December, the largest 12-month increase since the period ending June 1982. The all items less food and energy index rose 5.5 percent, the largest 12-month change since the period ending February 1991. The energy index rose 29.3 percent over the last year, and the food index increased 6.3 percent.”
The Wall Street Journal, this morning: “2021 Is Expected to Rank as Biggest Year for Inflation in Four Decades”
Jason Furman, the former chairman of the Obama administration’s Council of Economic Advisers: “I expect inflation to remain very elevated in 2022.”