CNN

This morning, economists got something they’ve been waiting three years for: an absolute snooze-fest of an inflation report.

“To be honest, this was probably the dullest CPI we’ve had in a long while,” wrote Bloomberg senior editor Chris Anstey. “Which of course is what the Fed wants.”

“Tame.” “Benign.” Those are some of the adjectives that analysts used to describe the Consumer Price Index reading for July. “It is the ultimate ‘no news is good news’ report,” wrote Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

To be clear: This is high praise from the wonks. The consumer inflation reading is finally looking normal and healthy, and not so hideously distorted by the pandemic.

For all of us non-economists, it’s worth taking a moment to pump our fists in the air. And if any of you greater DC-area residents see Federal Reserve Chair Jerome Powell at the coffee shop, go ahead and high five him