Some Inflation Is Better Than None

A few weeks ago, at a socially distanced backyard lunch, my recently retired friend Richard, a cautious saver and investor, bemoaned the pittance his and other banks pay depositors. Richard noticed the government’s monthly inflation reports are trending higher—the consumer price index rose 0.4% in August, following hikes of 0.6% in June and July—and remarked that banks will soon charge borrowers