Martin Wolf: It's impossible for the Fed to have confidence a hike won't be reversed

Wolf on the Fed in today's FT:

FT.com is ungated today so get your fix.

Martin Wolf today argues that the Fed shouldn't and probably won't raise rates. He zeros in on low inflation as the culprit.

"Central banks should continue to focus on stabilising the real economy, though more needs to be done to curb financial excesses. Meanwhile, as an inflation-targeting central bank, the Fed has no strong reason to start a tightening cycle right now. And, when it does start, rates will not reach previous cyclical highs. Our world is not normal. Get used to it."