FYI: During her speech to the National Association of Business Economics on Tuesday, Federal Reserve Chair Janet Yellen made a rather startling admission: The Fed may have “misspecified” its models for inflation and “misjudged” the strength of wages and the job market. Leaving aside the odd choice of words, Yellen—true to her training and temperament—proved herself more interested in understanding the world as it is rather than being right, a rarity in a policy world that often rewards hubris over wisdom.
Regards,
Ted
https://www.wired.com/story/no-inflation-technology-may-have-left-it-back-in-the-20th-century/
