The GDP report indicated that “real” economic output — adjusted, that is, for inflation — dropped for the second time in a row. “Nominal” output, including inflation, not only rose but rose at a faster rate than the quarter before. This doesn’t quite clinch the case that the Federal Reserve ought to keep tightening — it includes what was happening three months ago and not what’s happening right now — but it strongly suggests that it ought to. The latest inflation numbers point in the same direction: Core PCE inflation (excluding food and energy) has jumped too. The Fed should keep its focus on tighter money even as a weak economy increases the pressure on it to ease up.