But the red line shows the number the Fed focused on, core inflation, which stayed low. As I said, the Fed’s critics were decisively proved wrong. When it comes to evidence settling an economic dispute, the monetary events of 2009-2014 or so were as good as it gets. When it comes to right-wing economists, what we see is a clear pattern of survival of the wrongest. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram.

Source: New York Times April 24, 2019 13:47 UTC