The Fed Will Invent New Inflation Numbers Out Of Thin Air

"When the data doesn’t cooperate, just change the data."

The Federal Reserve is rapidly approaching the point where every available option becomes politically toxic, economically destructive, or both.

Inflation remains stuck around 3.8% CPI, well above the Fed’s stated 2% target, and that number alone should theoretically eliminate any serious discussion of aggressive easing. Treasury yields are rising as bo…