The Truth About Inflation
The government's Dec. 19 report on wholesale inflation made for a heck of a scary headline. The producer price index rose 2.0% in November, the biggest jump since 1974. Shades of Richard Nixon! Trouble ahead for Federal Reserve Chairman Ben Bernanke! For a few moments after the 8:30 a.m. news release from the Labor Dept., bond traders acted as if someone had released scorpions on their trading desks.
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