What Does It Mean to Approach Dow 36000?

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Sept. 21, 2021 5:46 pm ET

In extolling James Glassman and Kevin Hassett’s 1998 prediction that the Dow Jones would reach 36000, Kenneth Rogoff omits two important considerations (“Why the Dow 36000 Forecast Was Right,” op-ed, Sept. 9).

First, over the past 22 years, U.S. consumer prices have increased by some 67%. Taking inflation into account, today’s Dow Jones would be only some 21000 in 1998 prices.