Long post written and nostr messed it up, so in short... Un-scientic rant based on anacdotel evidence: "my brocolli has gone up another $1 thus CPI is a lie". Where is the data? Don't throw the scientific baby out with the bathwater.
Yeah CPI has issues, but I don't believe it has been addressed properly here.
The problem is that the same organization is charged with carrying out the mandate and also establishing the metrics by which it is judged.
If the system were serious about the Fed’s mandate of “low stable inflation”, then some other entity should be responsible for assessing the degree to which the mandate was achieved.
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