, Columnist
Hold the Champagne (Brunch). Egg-flation Isn’t Over, or Easy
Sticky prices in services and the robust US labor market will preclude the Fed from easing rates. Plus: the rising cost of breakfast.
Egg-cited about the turn in inflation? Be ready for a second helping.
Photographer: Tasia Wells/WireImage/Getty
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For once, rosy expectations were fulfilled. US inflation is undeniably declining, and thus it’s reasonable that the end to the Federal Reserve’s rate hikes is within sight. The ebbing effects of the pandemic have combined with much tighter monetary policy to transform the inflationary environment over the last year. But it’s still too early to declare victory.