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Jerome Powell. Photo: Win McNamee/Getty Images

More research is beginning to show that controlling inflation is quite complicated, WSJ's Paul Kiernan writes.

What's happening: "Recent studies have shown prices in some sectors—such as housing—do indeed rise faster when growth is in full swing, unemployment low and markets frothy. But a large chunk of the economy, from health care to durable goods, appears insensitive to rising or falling demand," Kiernan says.

  • It's not just those sectors. "Prices accounting for nearly half of the Fed’s preferred inflation gauge, the personal-consumption-expenditures price index, don’t respond to changes in economic activity," according to a recent paper from economists at Harvard and Princeton.

Why it matters: "The Fed influences inflation by lowering rates to spur demand or raising them to curb it. The new research suggests that to lift overall inflation the Fed may have to stimulate larger price increases in sectors where the Phillips curve still exists to compensate for subdued inflation in those where it doesn’t,” according to the WSJ.

  • "Lately, it’s been a losing battle."

Go deeper

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Updated 14 mins ago - Sports

Tiger Woods crash: What we know

Photo: Wally Skalij/Los Angeles Times via Getty Images

Tiger Woods underwent emergency surgery to repair damage to his right leg and ankle, after he was involved in a single-vehicle accident on Tuesday in which his SUV ran off the road.

What we know: The golf star "is currently awake, responsive and recovering in his hospital room" at Harbor-UCLA Medical Center, according to a late-night statement from his team.

Dan Primack, author of Pro Rata
16 mins ago - Podcasts

Corporate America pressures Congress to act on stimulus

Big corporations and top CEOs are putting pressure on Congress and the White House to pass economic stimulus measures, as the political debate drags on.

Axios Re:Cap goes deeper with Heather Higginbottom, a former Obama administration official and president of the JPMorgan Chase Policy Center, about why her organization just published its first-ever set of policy recommendations.

Capitol repairs, security top $30M since Jan. 6 attacks

Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The Architect of the Capitol Brett Blanton on Wednesday said that repairs and security expenses related to the Jan. 6 insurrection have already cost more than $30 million.

The state of play: Congressional appropriations committees have allocated the $30 million for repairs and perimeter fencing around the Capitol building through March 31, per NPR.

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