Dylan, German, and Dara talk about the whopping 5.4 percent inflation rate the Consumer Price Index estimated last week, what it means, and if inflation is going to get worse. They dig into a paper out of the Federal Reserve arguing that we're thinking about inflation all wrong. And they close out with a fascinating new study on what the Great Migration meant for African Americans who moved northward.

References:

• Why looking at “trimmed” inflation measures can be useful

• Back when Dylan was less worried about inflation

• JW Mason explains why “America’s inflation debate is fundamentally confused”

• Jeremy Rudd, "Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)"

• This week’s white paper: Ellora Derenoncourt, "Can you move to opportunity? Evidence from the Great Migration"

Hosts:

Dylan Matthews (@dylanmatt), senior correspondent, Vox

German Lopez (@germanrlopez), senior correspondent, Vox

Dara Lind (@dlind), immigration reporter, ProPublica

Credits:

Sofi LaLonde, producer & engineer

Libby Nelson, editorial adviser

Amber Hall, deputy editorial director of talk podcasts

Sign up for The Weeds newsletter each Friday: vox.com/weedsletter 

Want to support The Weeds? Please consider making a donation to Vox: bit.ly/givepodcasts

Learn more about your ad choices. Visit podcastchoices.com/adchoices