COMMENTARY_ Inflation is contained, and the Fed should cut rates (Peter Navarro - THE WASHINGTON TIMES)

THE WASHINGTON TIMES

Inflation is contained, and the Fed should cut rates

Tariffs are not the problem

People shop at the Somerset Collection mall, Wednesday, Dec. 10, 2025, in Troy, Mich. (AP Photo/Ryan Sun) ** FILE ** more >

COMMENTARY

By Peter Navarro - Tuesday, January 13, 2026

OPINION:

The consumer price index report for December delivers three clear conclusions: Tariffs are not driving inflation, overall inflation is running near the Fed’s target and the data supports a rate cut at the Fed’s Jan. 28 meeting.

Start with the top line. Headline CPI rose 0.3% last month, exactly in line with expectations. Core CPI, excluding food and energy, rose 0.2%, below expectations.

Zoom out, and the contrast is unmistakable. Inflation is now near the Federal Reserve’s 2% target and a long way from the roughly 7% peak reached during the Biden years. That turnaround is the result of a democracy-driven regime change. Elections matter.

The composition of inflation reinforces the point. Core goods prices were unchanged in December and remained modest year over year. Despite repeated warnings, the feared pass-through from tariffs simply does not appear in the CPI data. If tariffs were driving inflation, then goods prices would be leading the index higher. They are not.

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READ MORE: https://www.washingtontimes.com/news/2026/jan/13/inflation-contained-fed-cut-rates/

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