There

 

is a reason they (The Fed) changed the metric by which they gauge inflation last year.

There is a reason The Fed has lost all credibility.

Larry Summers Says Fed Forecasts Look Ridiculous, Warns on Rate Delay

"...after the latest inflation data dashed hopes that a peak had been reached."

Lets review:

First we weren't gonna have it. (Inflation)

Then it was just in the service industries most affected by the Covid lockdowns.

Then it was supposed to be transitory.

Then we weren't supposed to have stagflation like in the late 70's.

Then it was supposed to have peaked. 

(It hasn't even come close).

How many times they gotta move the goalpost before you realize were being intentional lied to in order to try and keep a lid on things?

“It’s pretty clear that peak-inflation theory, like ‘transitory’ theory is kind of wrong,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin. “The Fed’s forecasts from March, saying that inflation would be coming down to the 2s by the end of the year was, frankly, delusional when issued, and looks even more ridiculous today.”

(Kinda? Kinda? Are you kidding me Mr Summers?)

“The Fed is saying the right words, but I think they don’t appreciate the extent to which” mistakes made last year and into early this year did damage, Summers said. “Those mistakes mean that they don’t fundamentally have credibility.”

(I disagree, my contention is: It's hard to have credibility when you have to intentional lie to people to try and keep the country from panicking. See "Lets review" above. These people are that incompetent? I find that hard to believe. Incompetent or intentional? Guess what? The result is going to be the same. Discernment alert: I knew something was amiss when they changed the metric by which they gauge inflation. It was like a poker player tipping his hand.)

"Summers urged the Fed to investigate why officials’ forecasts were “so dramatically” and repeatedly wrong."

(No need for such an investigation. I just told you why)