Stephen Cecchetti
Stephen Cecchetti
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I think this is very, very tough for the Fed. There's also the compassion issue. You run the risk of looking very callous by raising rates.
You'll see more and more transparency for sure.
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Ben will sit at the head of the table and be the force that guides things. The whole institution is strong.
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The same is true of monetary policymakers. They're just a bunch of technicians, cleaning teeth, fixing fillings. You don't spend every day obsessing about what your dentist is up to.
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You want to make sure that short-term monetary policy isn't responding to a phenomenon that is just going to go away in a few months, or even a year. A change in an interest rate today will have an effect on inflation one to two years from today.