The Tell: Inflation is ‘not transitory. It’s permanent,’ says financial writer Jim Grant

Yuki Iwamura/AFP/Getty ImagesJim Grant, founder and editor of Grant’s Interest Rate Observer, made a bold declaration in an interview with the Fox Business Network just ahead of Tuesday’s November U.S. consumer price index report. Perhaps best known as the Fed watcher who called the 2007 housing bubble and a financial-markets publisher for 40 years, Grant described inflation as a phenomenon that’s not as temporary as many seem to think. “Whatever this number we’re about to see reveals,...