The Unknowable Future of the Fed

Paul Voker, who stepped in and jacked up interest rates to fight inflation in the 80s, thinks it's a stupid rule. It also brings into going back to Chancellor's book, Goodheart's Law, which is like anything that was, anything that was a measure that now becomes a goal, ceases to be a good measure. But by being human and having the unknowable future as part of what you're trying to underwrite, and then also having to admit that you're using backwards looking data to make current decisions...it's impossible.