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Neel Kashkari on the Fed's Commitment to Defeating Inflation
Odd Lots
How Do You Gauge Policy Lags?
An interest rate hike takes some time to filter into the real economy now that rates are higher and presumably closer to, you know, neutral. One of the biggest mistakes they made in the 19 seventies at the fed, is they thought that inflation was on its way down, the economy was weakening, and then they backed off, and then inflation flared back up again before they had finally quashed it. We can't repeat that mistake. I would be much more comfortable raising rates to some end point, let's say it's four or five%, than just sitting there until we're really convinced that we've got inflation licked.
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