Meanwhile, the past president of the Cleveland Fed chastises his former colleagues:
The Fed needs to quit chasing declining GDP growth and instead focus on curbing inflation and anchoring inflation expectations. Recent allusions to the stagflation of the 1970s are appropriate.Do the inflation hawks still on the FOMC (Charlie Plosser perhaps) have a similar view? Will they dissent and perhaps even become openly critical of Fed policy if large interest rate cuts continue? It is a particularly fascinating time to be a Fed watcher.