Correct, but the pundits are also correct, because there are really two different economies in the US: - the "Walmart" economy - no inflation there, regular Jo

Correct, but the pundits are also correct, because there are really two different economies in the US: - the "Walmart" economy - no inflation there, regular Joe Schmoes have not had a real raise in years - the "Hamptons" economy - lots of money sloshing around (thanks to the Fed), bankers, etc spending big on luxury real-estate, etc.