, Columnist
Inflation Is Finally Losing Its Power Over Markets
The stubbornness of services still needs grinding down, but the Fed has won this war of attrition.
Shelter inflation is slow to fall. Above: Apartments under construction in Atlanta.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
To get John Authers' newsletter delivered directly to your inbox, sign up here.
The Yellow Pages was never much of a source of merriment, but they did have one great one-liner. If you looked up Boring, it would say, “See Civil Engineers.” Now, perhaps to civil engineers’ relief, it should be revised: “Boring, See Inflation.” US inflation has not completed its journey to the Federal Reserve’s target, but it is dull again, and that suggests that much of the Fed’s work is done.