We hate to keep sounding like the skunk at the Fed and Wall Street’s garden party to celebrate coming interest rate cuts, but we will shout it out as loud as we can: INFLATION IS NOT COMING DOWN!!

Here is the latest index of the price of more than 20 major commodities. In just four months these prices have skyrocketed by 12%. Gas is now eclipsing $4 and even $5 a gallon in many markets.

What planet are the Fed governors living on?