Opinion | The Year of Inflation Infamy – The New York Times

It is, of course, possible that bad inflation news will force far more draconian tightening than the Fed is currently contemplating, even now.

Maybe the real takeaway here should be how little we know about where we are in this strange economic episode. Economists like me who didn t expect much inflation were wrong, but economists who did predict inflation were arguably right for the wrong reasons, and nobody really knows what s coming.

My own view is that we should be really hesitant about killing the boom prematurely. But like everyone who s taking this debate seriously, I m hanging on the data and wonder every day whether I m wrong.

via www.nytimes.com

So they don’t know what they’re doing and they don’t know what’s going to happen. Those darn central planners.