The last time inflation reached 7% was the same year Thriller by Michael Jackson was released. On the flip side, the effective Fed Funds rate that year ranged from 8.68%-14.94% with most of the year being above 10%.
Luckily for the USBLS, they can always resort to changing the way they measure CPI data moving forward. Pictured is a screenshot of their website ( https://www.bls.gov/cpi/ ) in case the notification is removed by the time you click on it.
Not saying this is the right or wrong move given the anomaly that was the last two years; but I'd be hard pressed to say I don't find it oddly convenient that they have ability to suddenly change the way core inflation data is measured.
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