Originally published March 26, 2020
Before the coronavirus shock, inflation in the US appeared tame by the standard measures. But the macroeconomic earth has shifted in recent weeks to combat the fallout from Covid-19. The Federal Reserve has announced unlimited asset purchases and is running ultra-dovish monetary policy. Meanwhile, the federal government is about to roll out a new $2 trillion stimulus package. It all adds up to what is perhaps the most ambitious effort in history to grease the economy's wheels (or at least prevent collapse). Is this herculean effort also laying the groundwork