In a stunning reflection of the current U.S. economy, the Bureau of Labor Statistics reported today that U.S. inflation fell 0.8% in April, the largest drop since December 2008, at the opening of the Great Recession.
Year-over-year U.S. inflation has now plummeted to just 0.3%, down from 2.5% at the beginning of the year.
Even more significant was a decline of 0.4% in April's core inflation, which removes food and energy from the index. That is the largest monthly decline in the history of the core inflation series, which dates to 1957. Core inflation has