Perhaps the Federal Reserve is like a charging rhino and it’s just very hard to turn it around:
Certainly it’s striking that during the past thirty years of FOMC statements and speeches by chairmen and Fed governors, not a single sentence starts with the clause “as part of our thirty year drive for ever-lower inflation expectations…” even though it’s hard to believe that inflation expectations have been steadily falling for thirty years by accident. Is there some actual reason to be doing this? I feel like if there were, the people doing it wouldn’t be so hesitant to admit that it’s what they’re doing.
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