Hey, Fed, More Cowbell!

Here is the result of the Fed’s misbegotten pro-inflation policy since it officially adopted its 2.00% target in January 2012. According to our trusty 16% trimmed mean CPI, the price level is up by +41% since then, and was still rising at a 3.31% annual rate in July, as per this week’s CPI release.

Accordingly, given that any dollar earned or saved in 20…