The jobs report came in better than expected. Payrolls increased by 157,000, and the jobless rate stayed at 4.5%. Government staticticians also reported that inflation is tame, running at a 2% pace from April of last year.

It looks like the economy is picking up. Now, I expect a lot of worried commentary about inflation risks rising with more people getting hired. That’s nonsense. More people working and paying taxes and buying goods and services does not debauch the currency. Money supply growth is low. The Fed is tight. The inflation rate is heading lower, not higher.