Newsweek’s Daniel Gross explains the Consumer Price Index (here’s the official BLS site) in a very simple video. I could do without the goofy sound effects, but it’s a good, 2 minute explanation of how the government tracks inflation.
Per David Simon’s Berkeley talk, though, the video doesn’t go into why this matters. Perhaps they’ll cover that in the next installment of the Economics 101 series.
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More about the Fed’s actions on Friday, including an explanation of how unusual the Fed move was on Friday. The short version is not super unusual, but read the article for an Fed insider’s explanation.
