This prideful interpretation amounted to the siren song of an extremely accommodative monetary policy. Unable to disentangle the global and domestic pressures suppressing inflation, a price-targeting Fed has erred consistently on the side of easy money.
这一骄傲的解释成为极度宽松的货币政策的引诱剂。眼中只有物价目标的美联储无法理清遏制通胀的全球和国内压力，一直犯着宽松货币的错误。