Memo To Fed: Stop Chasing The Boogeyman Of Low-flation—Just Get An Accurate Inflation Ruler

For the first time in history, the Fed is officially and vocally considering the use of monetary policy to increase inflation, or at least inflation expectations. On Friday, it was the turn of Chicago Fed President Charles Evans to drill this message into the minds of recalcitrant consumers and workers, whose fruits of their labor get eaten up by inflation: