TYBS - The Actual Problem
The global media seems endlessly fascinated by the question of whether monetary policy in the US is too easy or too tight, even as the Fed comes amazingly close to hitting its targets. I suppose this interest can be partly justified by the size and influence of the US, which David Beckworth calls a "monetary superpower." Nonetheless, there should be more discussion of the fact that monetary policy in the Eurozone and Japan is way off course, and that these policy mistakes are a danger to the global economy.
Core inflation in the