“Lock him up”!

From Richmond Fed president Lacker:

Given current inflation trends, additional monetary stimulus at this juncture seems likely to raise inflation to undesirably high levels and do little to spur real growth.

Factors that have held back the recovery, such as uncertainty about tax and regulatory issues, are largely beyond the power of the central bank to offset.

The current recovery as decidedly mediocre, but there are reasons to expect the slowdown will prove temporary.

From which we gather:

a) Monetary Policy is just about inflation

b) There´s nothing we can do anyway

c) Don´t worry, our difficulties are only temporary

In addition to stretching the definition of “temporary” over the limit, he works, as central bankers tend to do, to absolve themselves from any responsibility. Go complain ro your Congressman!

HT Dustin

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