{video} The U.S. economy made substantial progress in 2023 on the Federal Reserve’s dual mandate of maximizing employment and stabilizing prices. Inflation had one of the largest drops in the last 50 years and did so with solid growth, low unemployment, and no recession. So far in 2024, that progress on inflation has stalled. You never want to make too much of any one month’s data, especially inflation, which is a noisy series, but after three months of this, it can’t be dismissed. I am still hopeful that we will again see a return to improvement on inflation in the months ahead, as our restrictive monetary policy ... (full story)