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So Stephen Moore claims that Paul Volcker believed in linking interest rates to commodity prices. As @crampell points out, he's making stuff up (again); Volcker had no such rule. But wait, there's more 1/ washingtonpost.com/opinions/2019/…
I know we have short memories these days, but not that long ago Paul Ryan berated Ben Bernanke, claiming that a rise in commodity prices presaged runaway inflation 2/ nytimes.com/2011/02/10/bus…
The Fed, instead, focuses on "core" inflation, which tries to strip out the effects of volatile commodity prices for a better read on underlying inflation. And events have overwhelmingly vindicated that approach 3/ 
If the Fed had followed the rule Moore fantasizes comes from Volcker, it would have tightened monetary policy in the face of low underlying inflation and 9 percent unemployment. Yet Moore is still defending that doctrine 4/
