Chairman Bernanke the other day buttressed global marketplaces along with his “If financial conditions were to tighten to the level that they jeopardized the achievement of our inflation and employment objectives, then we would have to rebel against that” comment. In this week’s Congressional testimony, he followed up his market-pleasing ways with a notably dovish spin on the inflation perspective.
Bernanke is currently signaling that incredible monetary stimulus is in the credit cards until inflation “normalizes” back again to the FOMC’s 2% target rate. 85bn QE in case of a downside inflation shock. From my analytical perspective, there are strong arguments that an inflation rate can be an a good poorer data point than unemployment for basing the range of intense experimental monetary stimulus.
So expect the inflation dialogue to get even more topical. Bruce Bartlett is in the center of a series of “Inflationphobia” articles for the New York Times. “Economists learned from the Great Depression that simple money and fiscal stimulus could induce growth. Pre-Depression traditional economics had been predicated on a rigid well balanced budget requirement of federal government and a precious metal standard that provided no discretion for the monetary authorities.
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