Kevin Warsh at Senate Hearing: "We take out all of the tail-risks, all of the one-off items, and we ask ourselves whether the generalized change in prices is having second-order effects on the economy.”

 

Jerome Powell at Harvard: "You know about fat tails right? It's not a normal distribution. The tails are fat and however fat you think they are they're fatter than that."

 

Here is snapshot of Federal Reserve February 1975 GreenBook. The 1st book to include the measure of inflation excluding food and energy.