A construction in a multifamily and single family residential housing complex is shown in the Rancho Penasquitos neighborhood, in San Diego, California, September 19, 2023.
Mike Blake | Reuters
In theory, getting inflation closer to the Federal Reserve’s 2% target doesn’t sound terribly difficult.
The main culprits are related to services and shelter costs, with many of the other components showing noticeable signs of easing. So targeting just two areas of the economy doesn’t seem like a gargantuan task compared to, say, the summer of 2022, when basically everything was going up.
In practice, though, it could be harder than it looks.
Prices in those two pivotal components have proven to be…