Stanley Fischer Rewrites Fed Inflation Target, Prepares to Throw People Out of Work

That seems to be the story according to MarketWatch. It quotes Stanley Fischer the vice-chair of the Federal Reserve Board as saying, "We are close to our targets" for inflation and unemployment. Fischer adds, that the current 1.6 percent inflation rate shown by the core personal consumption expenditure (PCE) deflator is "is within hailing distance" of the Fed's 2.0 percent target.

Actually, this is not true. The 2.0 percent target was always identified as an average, not a ceiling. This mean...