Bill O’Grady, Confluence’s Chief Market Strategist, sits down with Phil Adler to discuss the subtleties of inflation, specifically, an examination of inflation as the rate of change in a price index and how investors, consumers, and firms can be “fooled” into accepting modest rises in inflation that still reflect weaker purchasing power. This podcast expands upon a recent Asset Allocation Bi-Weekly report published on February 13, 2023.