Likely never! Mistakes that were committed more than 70 years ago have been uncannily repeated over the last 3 years. This is Jeffrey Lacker being interviewed by Bloomberg:
while accelerating inflation is not a done deal yet, it’s at this point in the economic recovery when it can take off. These food and energy prices are definitely a concern.
Echoes of Marriner Eccles, Fed Chairman, 73 years ago:
Recovery is now under way, but if it were permitted to become a runaway boom it would be followed by another disastrous crash.
It´s always commodities and energy. Back during the first half of 2008 Bernanke was also concerned. Fisher didn´t hold out, dissenting in every meeting between January and August 08. Worse, as late as in the June and August meetings he voted for an increase in rates!
More need not be said. The classic anti war song from the 1960´s says it best. Ladies and Gentlemen here´s Pete Seeger.