'No landing': After 8 consecutive months of 3% inflation, the Fed's 2% goal remains elusive

The biggest economic story of the post-pandemic period has been inflation.

It’s a narrative that, at first, had two clear phases. First came the breakneck acceleration in price growth amid reopenings and job changes, when the 12-month inflation rate surged from less than 1% in June 2020 to more than 9% in June 2022.

Then the fever appeared to break, with price growth slowing over the next 12 months to just 3.1% in June 2023.

Yet it is now clear that a third chapter has emerged: a stall. For the past eight months, the annual rate of inflation has held between 3% and 4%.