Inflation, huh? Central banks can’t measure any but they’re sure it’s a danger that requires action

It gets my vote for the oddest panel at the recently concluded Jackson Hole banker-fest sponsored by the Kansas City Fed. The Saturday session saw officials from the Bank of England, the European Central Bank, and the U.S. Federal Reserve all saying that while they couldn’t see any inflation in their respective economies, they saw evidence that inflationary pressures are rising.