Average inflation targeting or inflation catchup?

Although dedicated Fed watchers long saw it coming, the big news from Jackson Hole is that the Fed now has a new monetary policy strategy—the crowning achievement of the much-ballyhooed review of its "Strategy, Tools, and Communications" it launched in early 2019. It's called "average inflation targeting,"…

FDR and the value of the dollar.

"In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve's balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply." ("FDR takes United States off gold standard,"…