The David Lin Report · Thursday, September 17, 2026
Steve Hanke highlights Fed Chair Kevin Warsh's stance that increases in energy and food prices are changes in relative prices, not direct causes of inflation. Hanke agrees with this perspective, contrasting it with previous discussions that may have conflated the two.
“And that is that higher energy and food prices do not cause inflation. He explicitly said that.”
“He said they are changes in relative prices. He emphasized, they're changes in relative prices, but they don't cause inflation.”