Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., U.S. (Photographer: Andrew Harrer/Bloomberg)

The Fed Doesn't Understand How Inflation Works

(Bloomberg Opinion) -- The concept of inflation has been a constant thorn in the side of central bankers. Although price stability is one of the main goals at many central banks, inflation targetin...