
The Fed needs to get real about inflation
CNN
Federal Reserve chairman Jerome Powell loves to use the word "transitory" to describe the threat of inflation. But with each passing day, it looks more and more like inflation pressures are mounting in a much more significant manner than the Fed would like.
The use of the word "transitory" could very well turn out to be transitory. Powell may need a new catchphrase to describe how inflation might be a bit stickier and thornier problem. Wages are rising and so are bond yields. The housing market is still chugging along. The prices of many retail goods are going up, partly because of supply shortages but also because of real demand.
Another conference call. This was what strategy looked like on Andrew Cuomo’s mayoral campaign: A small circle of aides and advisers listening to longtime aide Melissa DeRosa, who denied working on his campaign in public but whom all involved knew was running things, as she pressed them about early voting numbers showing the Zohran Mamdani surge was real.

The area of the rural Cascades near Leavenworth, Washington, is so majestic, they call it the Enchantments. Cold, clear water from the wilderness lakes flows into Icicle Creek, where it rushes over sparkling rocks. But the tranquil beauty that draws campers and hikers from all over the country was shattered a month ago by the murders of three little girls only yards from the creek.