Fed Vice Chair Clarida says another year of inflation like this one would not be ‘a policy success’

Federal Reserve Vice Chairman Richard Clarida conceded Monday that inflation is running well above a level the central bank considers desirable, and if that continues it would signal a policy error.

Though Clarida still subscribes to the broader description of current price pressures as “transitory,” he said they are more intense than expected and will be higher this year than the Fed’s most recent forecast.

“Realized inflation so far this year represents to me much more than a…