The Fed Still Believes in Immaculate Disinflation
The theory of immaculate disinflation remains intact. You’ll recall that “immaculate disinflation” is the phrase coined by Harvard economist Gabriel Chodorow-Reich to describe the Fed’s persistent belief that it can bring down inflation painlessly. The Federal Reserve released the minutes of the March meeting of the Federal Open Market Committee, the gang that sets interest rate policies …
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