Inflation just gave investors a fresh reason to care what they pay for growth. According to Bureau of Labor Statistics data released on October 15, producer prices for final demand rose 1.3% in September on a seasonally adjusted basis and 6.3% over the 12 months ended in September.
A month earlier, on September 16, the Federal Reserve raised the interest rate it pays on reserve balances to 3.90%. When borrowing costs climb, earnings that arrive years from now are worth less today, so price...
