, Columnist
You Say the Fed Is Behind the Curve? Prove It
Lots of smart people are positive that central banks have been too slow to restrain surging inflation. The data leave lots of room for doubt.
Where’s the beef?
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
If you’re looking for a case-study in economic groupthink, try Googling the phrase “Fed behind the curve.” Informed opinion, it seems, has congealed behind a conventional wisdom that the U.S. Federal Reserve has been too slow to restrain accelerating inflation.
Such widespread confidence would seem to require unambiguous evidence. But where is it?