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Opinion
John Authers

Inflation’s Terrible, Horrible, No Good, Very Bad Day

From the data to the market reaction to how the Fed must now view the problem, the inflation picture is awful — for everyone. 

Markets closed significantly lower after an inflation report showed prices rising more than expected. 

Markets closed significantly lower after an inflation report showed prices rising more than expected. 

Photographer: Michael M. Santiago/Getty

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How bad was the August US inflation report? Let me count the ways. It’s a while since a macroeconomic release has come as such a nasty surprise, but on balance the extremely negative market reaction to the numbers was justified; they’re awful.