Without Rent, Inflation is Way Below Fed's 2.0 Percent Target

The NYT had a piece discussing the views of members of the Federal Reserve Board's Open Market Committee (FOMC), which sets monetary policy, on the course of interest rates over the next year. The piece notes that inflation has consistently been below both the Fed's 2.0 percent target and the FOMC members projections, as they have consistently over-predicted the impact of tighter labor markets on the inflation rate.

It is worth noting that even the modest inflation we are seeing is largely du...