, Columnist
The Fed Is Asking Questions, Not Providing Answers
It would be cause for concern if policy makers acted too confident. The economy is not following models.
Answers are easy. Questions are harder.
Photographer: Chip Somodevilla/Getty ImagesThis article is for subscribers only.
The Federal Reserve is either lucky or clever.
By signaling that it won't touch interest rates again until December, it's bought itself time to have a longer -- and much needed -- conversation about inflation. Good. There are very legitimate doubts that traditional models explain what's happening or, rather, what's not happening.