CNN Correspondent: ‘We Are in for Quite a Few Years of the Fed Tightening as It Tries to Get Inflation Under Control’

EXCERPT:

SOLOMON: “So, Jake, every month we get several inflation reports. This one is considered the Fed’s preferred inflation report. It’s broad but it’s considered less volatile than some of the others. What we learned today is that energy prices — no surprise to anyone who owns a car these days — higher by about 36 percent than a year ago. Food prices, about 11 percent. And even when you strip away, Jake, some of those more volatile categories like food and energy, core inflation still high. And to put this in perspective, that 6.3 percent top line number, Jake, the Fed would like that to be at two percent. So, we are very far from the Fed’s goal. So it looks like we are in for quite a few years of the Fed tightening as it tries to get inflation under control.”