What can hurricanes teach us about supply side shocks? Norbert Michel, vice president and director of the Cato Institute’s Center for Monetary and Financial Alternatives, joins the show to explain the Consumer Price Index, how the Federal Reserve responds, and how its period of “Great Moderation” was a better time. Plus: why should we have expected the rate of inflation to increase? Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.