Paul Krugman puts this in the proper context: Paul Krugman: The Urge To Tighten: “People are going through the Fed’s 2008 transcripts, and finding that most officials had no idea what was going down… really surprising… dismaying… a number of Fed officials were… focused on inflation… eager to raise rates…. A fair number… very much … Continue reading Federal Reserve Fretting About Inflation in 2008: Monday Focus: February 24, 2014