In recent months, Federal Reserve officials have made many predictions regarding inflation that have proved to be wildly erroneous (e.g., "inflation is likely transitory"). Well, this trend continues today, when Richmond Federal Reserve president Thomas Barkin stated that inflation was likely "on the back end," implying that, in the USA, the rate of inflation has peaked and is likely to decline in the future. Barkin added that it remained unclear how long it may take the inflation...