How the Fed’s Strategy Is Inconsistent With Its Inflation Target

…inflation expectations may continue to decline, especially if actual inflation remains subdued or drops further. …imperative for the Federal Reserve to reframe its policy strategy and shore up the credibility of its inflation target. …to deemphasize the role of inflation forecasts and to link the timing and pace of policy normalization to actual outcomes for inflation and employment.

http://www.wsj.com/articles/BL-WB-59741

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