The Federal Reserve has kept a watchful eye on labor markets, but as it meets this week to chart interest rate policy, it would do well to recognize that inflation is heating up too.
Since the summer of 2014, falling gasoline prices have pulled down headline inflation, as measured by the consumer price index. However in other sectors of the economy, prices have been rising about 2 percent annually.
As oil prices fell, shale producers proved remarkably resilient and kept U.S. conventional oil production at record levels for many months, but now wells are depleting or shutting down altogether. Even with Iran coming back into the international marketplace with the lifting of...
The Federal Reserve building in Washington D.C.