Many of us remember the price shocks of the 1970s, but there are not many parallels with that era in terms of the forces that currently drive inflation.

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There’s a widespread notion that the current spike in prices signals an overheated economy. But under close inspection, those details don’t add up. 

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The Fed’s activity now is a hallmark of its modern approach: Set investors’ expectations for steady, predictable long-term inflation — and avoid the temptation to hit the brakes.

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Employment has grown by 887,000 monthly on average since April 2020 as the economy got back on its feet. Now that we’re back to pre-pandemic employment conditions, the pace of hiring will grind down very quickly.

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Will the Fed’s game plan pull the rug from under the recovery? The roller-coaster ride over the past two years seems less influenced by the Fed and more by non-monetary factors.

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The Fed said last week it expects growth to settle down to a trend-like pace and that unemployment will stabilize. What explains all the concern out there where the Fed sees no issue?

Will the recent spike in gas prices and other commodities set back the post-pandemic economic recovery? There’s good reason to think we’ll be able to ride this one out.

The economic numbers we talk about are seasonally adjusted, smoothing out the natural ups and downs of a calendar year so we get a clearer picture. But since the pandemic, it’s getting tricker to tell what’s a standard seasonal swing or a COVID curveball.

The current geopolitical crisis will slow growth by a couple percentage points. But the drag caused by rising energy prices will be heaviest for regions of the globe that depend on imported fuel.

Concerns that rising labor costs could be inflationary are misplaced because wages move in concert with other factors—many of them decades in the making.