Guest Post by Martin Armstrong
The Consumer Price Index soared 8.5% in March year-on-year, according to the report released by the Labor Department on Tuesday. Prices have not been this inflated since Reagan was in power in December 1981.
Former Fed Chair Ben Bernanke set the target level of inflation at 2% back in 2012. Once the Federal Reserve began pursuing a 2% level of inflation in 2012, that standard was soon set as the target for numerous central banks across the world. This all changed when the world collectively agreed to stop spinning for the coronavirus. As you can see, median inflation in the US was declining prior to 2020.
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