My problem with the inflation Bros on here is that they seem to think the Fed has some control panel on the wall with which they can modulate the economy “to the right of the decimal place,” as our ne

Is it ideal that in this cycle the Fed has calibrated the growth rate of aggregate nominal spending at a level that’s consistent with inflation running ~75 basis points above target? No. Was it ideal that in the last cycle they calibrated the growth rate of aggregate nom — via @briangobosox

Is it ideal that in this cycle the Fed has calibrated the growth rate of aggregate nominal spending at a level that’s consistent with inflation running ~75 basis points above target? No.