Extracts:

“…the temptation to pick a measure that tells you what you want to hear can be overwhelming, even if you think you’re doing your best to avoid that.”

“…I don’t see how the Fed can avoid continuing to raise interest rates until it’s more or less unmistakable that inflation is coming under control. On the other hand, there doesn’t seem to be any reason to panic. The Fed is creeping its way forward through a dense data fog, and this suggests to me that it should avoid drastic moves in either direction.

And for our part, economic observers may want to take a deep breath and cool some of the rhetoric. The truth on inflation has gotten harder to discern, and that fog isn’t something a clash of egos is going to clear away.”