“With inflation low, we can probably remove accommodation at a gradual pace . . .Yet, because monetary policy influences real activity with a substantial lag, we should not wait until inflation is back to 2 percent to begin tightening.”http://www.bloomberg.com/news/articles/2015-08-29/fed-ecb-and-boe-policy-makers-all-say-they-see-inflation-rising
Seriously!? Dude, we've had ZIRP for freakin' six years with no inflation to speak of and it's "because monetary policy influences real activity with a substantial lag?" That's the best logic you can put forward for why inflation will take off any day now? I have some news for you Stan; we are on the verge of deflation and will go there soon, so get used to it.
And these folks are overseeing the number one economy on Earth. It's amazing we have managed to remain as such with folks like this calling the shots.
