Powell’s Reappointment Credential - WSJ Opinion

The median personal-consumption expenditure inflation estimate for 2021 by the Fed board and presidents rose to 4.2% on Wednesday—up from 3.4% in June, 2.4% in March, and 1.8% in December. Think of how many economists the Fed employs to be so wrong about its core mandate.

A big whiff, and yet, inaction?