To young people: Thank you for your heart and persistence. Without you, we would not have the Inflation Reduction Act. Without you, Biden would not be in the Oval Office. Without you, we would ...

Supply and demand dictate that prices will rise. Presto, you get inflation! Crucially, the Federal Reserve accommodated this flood of cash by holding interest rates low through Biden’s first year.

You wouldn’t necessarily guess it from the headlines, but we may soon be talking about inflation in the past ... For now it’s enough to say: Don’t thank the Fed.