Does this Cato Institute article about the Fed totally hit the nail on the head?

http://www.cato.org/pubs/bp/bp103.pdfDoes this Cato Institute article about the Fed totally hit the nail on the head?
You bet. I've yet to understand how inflation could be discounted by excluding fuel and food prices. Costs are costs, and ignoring those costs skews the system in the most absurd way. As the Cato Institute is a libertarian think tank, they announced early in the Bush administration that they did not expect to get much use by the Bush administration. We need a monetary policy that reflects real economic conditions rather than politically expedient ones. Don't expect to see that any time soon.Does this Cato Institute article about the Fed totally hit the nail on the head?
I just hate pdf!