Waller: "Inflation becomes like pornography. I can't define it...[but] I know it when I see it. That's not how central bankers should think about inflation." Waller sounds skeptical of pulling back the lens on the measures of inflation the Fed has traditionally highlighted by down-weighting core PCE and up-weighting alternative measures. If we "move to a world where we look at a broad basket of stuff" the risk is that the Fed looks "like clear or transparent."