Ryan Avent has a great post commenting on Jon Hilsenrath´s piece on the Fed´s internal skirmish over ‘taper’:
I simply don’t understand how so many FOMC members have taken their eye off the ball. America is suffering from an ongoing economic disaster. A persistent demand shortfall and prolonged unemployment are costing the country trillions of dollars. When someone comes to the meeting complaining that traders think QE will go on indefinitely the majority of the FOMC should forcefully respond: so what? Let the traders talk about QE-infinity; let them shout it from the rooftops! When we’re close to full employment and wage growth is back above the long-run trend there will be plenty of opportunity for the hawks to strut. Until then publicly obsessing about exit strategies is utter foolishness.
Update: Scott Sumner covers the same ground from Yglesias perspective
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