John Williams´WAPO interview is mindboggling:
So, just cutting to the chase here, does that gradual path of rate increases include any this year, in your view?
In my view, it does. We’ve been adding enormous policy accommodation over the past several years. As the economy gets closer to its goals, we can again pull our foot off the gas a bit and hopefully execute a nice, soft landing over the next couple of years.
The “eagle” has landed a long time ago, only in the wrong “runway”. It´s now in the process of shifting even lower!
HT Kevin Tryon
Update: Seems his pedals were switched a long time ago! Note that was the time NGDP growth began to slow down. Thinking his foot was on the accelerator when in fact his mouth began pressing the brake.