How quickly things change. A month ago, we were talking about a slowdown in inflation, a cooling economy, a drop in mortgage rates, and an easing of the Fed rate. But now, with the economy still growing, spending still strong, and hiring continuing (all bad things in the eyes of the Feds?), the inflation picture isn’t so rosy. “The disinflation momentum we need is far from certain,” Mary Daly, president of the Federal Reserve Bank of San Francisco, said in a speech Saturday. “It’s clear there is more work to do." And higher rates, “maintained for a longer time, will likely be necessary."