The COVID-19 pandemic’s impact on the job market seems likely to have long-lasting effects on the U.S. economy, the president of the Federal Reserve Bank of Richmond said Thursday.
Back in 2010 a group of conservative academics, economists and money managers signed an open letter warning that the efforts of the Federal Reserve to support the economy would be dangerously inflationary. But the inflation never came. So four years later Bloomberg reached out to as many of the signatories as they could, to ask what happened.
Not one was willing to admit having been wrong.
I don’t want to be like those guys. So I’m currently spending a fair bit of time trying to understand why my relaxed view of inflation early last year has been refuted by events.