Lacker's turn on the soap box
- Monetary policy's ability to affect real economic activity is limited and temporary
- Monetary policy is uniquely suited to control inflation
- Recent inflation figures do not imply a permanent departure from the Fed's target rate
- Caution is warranted in policy responses to financial markets
That's pretty strong comments on the effects of QE from a central banker and that could well be behind the fall in USDJPY just now