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Over the past decade, inflation has persistently undershot the Fed's inflation target. The Fed's preferred measure of inflation, the core PCE deflator, has averaged 1.56 percent over this time compared to a target of 2 percent. The Fed officially began inflation targeting in 2012, but was implicitly targeting 2 percent long before that time. So below-target inflation has been happening for close to a decade, and for many observers, it is a mystery.
There have been a spate of articles as to why the Fed has not been able to hit its inflation target. Some