Voters Are Right to Complain About Inflation

Given the surge in inflation following the pandemic — the headline rate of consumer-price inflation peaked at more than 9% in June 2022 — a relatively painless return to price stability would in fact be a notable achievement. But both the Fed and the administration should be cautious about celebrating too soon. A soft landing still isn’t guaranteed, and even if it’s accomplished, much of the damage caused by the earlier spike in prices will persist.