If the Fed focuses excessively on inflation, it worsens inequality, which in turn worsens overall economic performance. Wages falter during recessions; if the Fed then raises interest rates every time there is a sign of wage growth, workers’ share will be ratcheted down – never recovering what was lost in the downturn.
如果美联储过度专注于通胀，就会恶化不平等性，从而反过来恶化总体经济表现。衰退时工资也会下降；如果美联储在此后每次出现工资增长苗头时就升息，那么工人的比重就会拉低——永远无法恢复在衰退中发生的损失。