A post by @NickTimiraos on X.

Fed researchers find that oil price movements have passed through more strongly into core inflation since the pandemic, according to a paper highlighted by WSJ reporter Nick Timiraos. The study questions whether this reflects a genuine shift in inflation dynamics or simply more frequent and persistent supply shocks. The distinction matters because it determines how forcefully central banks should respond to energy-driven price pressures. Watch for further Fed commentary on whether the stronger pass-through is treated as structural or temporary when calibrating the pace of rate moves.