Yellen Needs to Admit Inflation Is Threatening

Federal Reserve Chairman Janet Yellen will testify to Congress Tuesday and Wednesday about the economy and future Fed policy. We won't learn much about either, because the Fed refuses to recognize the facts on the ground.

Its policymaking committee recently stated inflation is below 2 percent. Yet, according to the Bureau of Labor Statistics, consumer price inflation has been accelerating since March and is now 4 percent.

The committee asserts the economy and labor market are improving, but that denies the trials of most ordinary Americans whose wages continue to lag inflation or the many who remain unemployed.

More