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inflation is running at 10%. inflation consumer price inflation is almost 8% now. we see those numbers last week. 7.9%. the last time consumer price inflation was running at that rate was in 1982. in 1982, the federal reserve s key interest rate, the federal funds rate was over 10% as it tried to tackle inflation. we have the same level of inflation now, the same level of inflation now, the federal funds key interest rate is at zero. they might push it up by 25 basis points tomorrow. they re so far behind the curve, they can t etch see the curve. neil: i think you re right about that. i m too young to remember the 80s, jerry. i don t know. maybe you. i remember paul volcker. neil: remember that? one poll point at a time. jerry baker, the wall street journal at least. great show, great thinker. i like his piece.

Consumer price inflationInflation consumer price7 9Federal reserveInterest rateFederal funds rateFederal funds keyJerry bakerThe curveI dont knowNeil cavutoGreat thinkerWall street journalPoll pointPaul volcker