The Fed meets this week, but don’t get your hopes up for big changes in policy or additional details about the Fed’s new “average inflation targeting” strategy. The Fed’s objective is to maintain policy flexibility rather than to commit to a time frame by which to reach the average 2% inflation goal. For the moment, the Fed remains content to simply entrench expectations that the policy path is locked down at zero for the foreseeable future. There are some risks to this strategy. This is important, so let’s all pay attention: The Fed’s new “average inflation target” strategy is not really an “average inflation ... (full story)