For years, a cohort of economists, public officials, and journalists confidently proclaimed that inflation was a thing of the past. Demographic trends heralded long-term deflationary pressures, the thinking went, and new ideas in fiscal and monetary policy meant that interest rates could remain low indefinitely. Conditions today put paid to that thesis, but how did so many get things so wrong? In this episode of Risk Talking, economist and Shadow Open Market Committee member Mickey Levy joins Allison Schrager to discuss the state of the macroeconomy, the Federal Reserve's evolving posture, and the complacency of the doves.