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No one remembers the "red hot" and "sticky" supply shock of 2010 and 2011 BECAUSE it was, yes, transitory. The Fed didn't need to raise rates or do anything. In fact, the FOMC was busy with more "accommodating" policies like Operation Twist and then two more QEs, yet consumer prices disinflate-d anyway. Outside of one artificial piece of the CPI, the January 2024 version was in every other way just like back then.
Eurodollar University's Money & Macro Analysis
CNNMoney Consumer prices up 2.1% in past year
https://money.cnn.com/2011/03/17/news/economy/cpi_inflation/index.htm
Boston Fed Eric Rosengren A Look Inside a Key Economic Debate: How Should Monetary Policy Respond to Price Increases Driven by Supply Shocks?
https://www.bostonfed.org/news-and-events/speeches/a-look-inside-a-key-economic-debate-how-should-monetary-policy-respond-to-price-increases-driven-by-supply-shocks.aspx
FOMC Transcript September 2011
https://www.federalreserve.gov/monetarypolicy/files/FOMC20110921meeting.pdf
December 2011 Tealbook
https://www.federalreserve.gov/monetarypolicy/files/FOMC20111213tealbooka20111207.pdf
Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.