Sounds like a Thorstein Veblen post:)...
Thing is, the question would more properly be entitled, "What has the Fed been thinking for the past 15 months?" -- as these kind of projections have been there all along. For over a year now they've basically forecast below-target inflation and sky-high unemployment. And just didn't see this as a situation which necessitated action.
As I've posted before, we're basically right where the Fed wanted us to be at this time last year. No better, no worse.
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