Is There a Central Banker in the House? - WSJ Opinion

Near-zero rates and asset purchases were sold as a response to the pandemic emergency. With Covid-19 fading and the economy’s health improving, shouldn’t the Fed be returning quickly to normal—or at least to a slightly less abnormal—policy stance?

Wonky but true. This is no longer an “emergency” in any sense of the word.

How committee members think they can project with any certainty the shape of the economy or appropriate monetary policy in 2½ years is a mystery. And everyone knows it.