USA - Central bankers keep lamenting the fact that record low interest rates and record high currency creation haven’t generated enough inflation (because remember, for these guys inflation is a good thing rather than a dangerous disease). To which the sound money community keeps responding, “You’re looking in the wrong place! Include the prices of stocks, bonds and real estate in your models and you’ll see that inflation is high and rising.” Well it appears that someone at the Fed has finally decided to see what would happen if the CPI included those assets, and surprise! The result is inflation of 3%, or half again as high as the Fed’s target rate.