The Bear Room, page-1392

The data show that inflation is below 3% for most items. It's only in a few areas where interest rates have little or no control over inflation. I read an article on AFR yesterday where it says economists are calling for tighter immigration to combat inflation. So it's not the interest rate that can do much from here. That's probably what the Fed sees and that's why they said after the meeting that inflation is below 3% by some measures. If they don't see much progress in next month's data, then they will say we have achieved our target of 2% for core, except for a few areas where external intervention is needed.