- Says it would hurt credibility and not be helpful
I think this is an important point and where the discussion on the Fed should be going.
I disagree with what he is saying. I believe the US is stuck in a trap of low growth and low inflation like Japan. The one way out might be artificial inflation, even if it rises above 3-4%. It would allow the economy to re balance internally, even if it causes some pain in the lending market.
