These people just won’t quit. We are referring to the Fed heads and their Wall Street shills and their obsession with too little inflation. Even three decades ago the very idea that central bankers would someday be striving endlessly to stimulate MOAAR inflation would have been considered a laughable fantasy.
Now it’s the predominate reality. All their palaver about keeping rates on the zero bound and the printing presses slurping up $120 billion of bonds per month until “our goals have been sustainably achieved” ain’t really about the once and former Keynesian god of “Full Employment”.
No, it reflects the fact that of all the blooming, buzzing complexities, marvels, enigmas and ills of the economic world, this inbred cult of central bankers has become maniacally focused on a single, no-count inflation measure called the PCE deflator (personal consumption expenditure deflator) and the amount by which its rise deviates from their 2.00% target by two decimal places.