Monetary policy must serve the real economy not just financial markets

Financial Times/Mohamed El Erian/4-12-2022

“The situation is particularly acute for the Fed given its gross mischaracterisation of inflation for most of last year, together with its failure to act decisively when it belatedly recognised that price instability had taken root under its watch.”

USAGOLD note: Has the Fed really strayed that far from its original thesis that inflation was transitory and would simply go away?