The Fed’s Holy Grail

(1) The Fed’s mantra: 6.5% or bust! (2) From date-based to data-based guidance. (3) Esther George may not be lonely for long. (4) Phasing out QE as the quid pro quo for NZIRP. (5) All will be well as long as financial imbalances can be managed. (6) But what if price inflation makes a comeback? (7) There’s still an inverse relationship between jobless rate and wage inflation.