U.S. central bankers are likely to be criticized by historians for not taking inflation serious sooner, but the Federal Open Market Committee’s (FOMC) aggressive policy begun in March 2022 is working, data released Friday morning show.

The progress of the United States, despite political discord in Washington, D.C., is notable. The post-pandemic inflation crisis has been managed well enough by the Federal Reserve System to require planning for the next expansion cycle! This is a good new problem to have.