June 22, 2019

The Fed's Altimeter may be Broken

The Federal Reserve has conducted our nation's monetary policy for 99 years without a formal inflation target. During those years, inflation was among the variables considered by the Federal Open Market Committee when conducting monetary policy, ...

June 23, 2018

Inflation: The Elusive Target

Despite a large tax cut and seven increases of one quarter of a point in the fed funds rate, inflation continues to be an elusive target, lingering at around 2%.  The only interest rates that seem to be reacting to the Federal Ope...