WELCOME BACK, CARTER: Key inflation gauge rises 3.6% from a year ago to tie biggest jump since the early 1990s.

An inflation measure the Federal Reserve uses to set policy rose 3.6% in July from a year ago, meeting Wall Street expectations but also tying the highest level in about 30 years.

The core personal consumption expenditures price index, which the Fed sees as the broadest measure of inflation, was unchanged from June, which was revised up one-tenth of a percentage point, the Commerce Department reported Friday. That 3.6% reading equaled the Dow Jones estimate and appeared to be the highest level since May 1991.

1991, you say? I remember another Democrat who dubbed that era “the worst economy in 50 years.” Presumably Mr. Biden’s competitors to the White House will be using similar language to gauge his own handling of the economy.

Flashback: Milton Friedman’s Revenge.