Cardiff Garcia: The Fed’s converging misses on inflation and unemployment: “The unemployment rate… has been falling quickly towards the Fed’s central tendency forecast of 5.2-5.8 per cent for the long-term rate…. Inflation (1.1 and 0.9 per cent respectively) [has] remained well below the Fed’s explicit 2 per cent target–as they have for nearly two years…. … Continue reading Afternoon Must-Read: Cardiff Garcia: The Fed’s Converging Misses on Inflation and Unemployment