Paul Krugman

@paulkrugman ↗

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Last Checked Aug. 17, 2022

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Fri Jul 15 17:44:42 +0000 2022

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Paul Krugman @paulkrugman

The fear has always been that by responding too slowly to inflation, the Fed would allow it to become "entrenched" — that is, that wage and price setting would start to reflect expectations of sustained future inflation, requiring a Volcker-type regime of pain to undo 3/ — PolitiTweet.org

Posted July 15, 2022

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Paul Krugman @paulkrugman

First, yes, the Fed — and a number of economists, me included — called inflation wrong over the past year and a half, which has a reputational cost. Fair enough. But when people talk about policy getting behind the curve, they mean more than being embarrassed 2/ — PolitiTweet.org

Posted July 15, 2022

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Paul Krugman @paulkrugman

And that appeared to be a real possibility. Fortunately, however, every measure we have says it didn't happen: markets and surveys both say that medium-term inflation expectations remain anchored. That is, it looks as if the Fed responded in time 4/ — PolitiTweet.org

Posted July 15, 2022