Is There a Relationship Between Finance and Inflation?

There's a lot of evidence that finance has a much more complicated relationship to inflation than it had in the past. Finance seems to be less monomonically hawkish and less anti-inflation, says Julian Zelizer. The Fed as an institution is very close to the financial community, although it has enough distance to impose discipline sometimes, he adds. It would take fairly heroic assumptions about the relative autonomy of the Fed to think that they're doing something that has no relationship to what finance desires, writes Zelizer.