When Tariff Inflation Went Missing, the Fed Invented a New Theory to Explain It
The Federal Reserve’s latest minutes give us more than monetary policy tea leaves. They offer a peek into the mind of an institution trying to explain why its insistence that tariffs would trigger inflation keeps misfiring .
In June, the Fed staff and officials continued to insist that tariffs on imported goods should, in theory, be inflationary. That must be written in the foundation stones of the Eccles Building that President Trump recently toured. But they noted an odd wrinkle: inflation hasn’t responded on cue. Their solution? Firms, they say, are waiting to…
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