U.S. Federal Reserve Board Chairman Jerome Powell takes questions from reporters after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, June 15, 2022.
Elizabeth Frantz | Reuters
The way I feel about Federal Reserve policy these days could be summed up in Al Pacino’s memorable quote from the 1979 film, “And Justice for All.”
“You’re out of order! You’re out of order! The whole trial is out of order!”
I also feel that way about the constant drumbeat from otherwise respected economists who worry out loud about “entrenched inflation.”
It’s as if yet another American system is broken – that of coherent, cogent and patient analysis.
A multitude of empirical data points to peak inflation. Hedge fund manager Bill Ackman recently noted that there are…