The Everlasting Folly Of Central Bank Inflation Targeting, Part 2

The rarely stated presumption undergirding the Fed’s inflation targeting folly is that all prices, wages and costs march higher in lockstep. In this fanciful formulation, there are no hares or tortoises in the economic race; everybody gets a trophy in the form of at least 2% more wages, social security and other incomes to off-set […]