Recently, a raft of inflation measures have been reported, all totally benign. Overall GDP-wide inflation is just 1.4%; the Fed’s favorite measure of inflation, Personal Consumption Expenditure inflation is running at just 1.6%, and wage growth, no matter how measured, is running at 3% or less and declining. And, after subtracting productivity growth (which reduces wage inflation) of 1.2%, that leaves inflation-adjusted wages growing at 1.8%. Don’t worry about inflation.