I’ve been wondering about what one might get as a Christmas gift for the woman who has everything. I mean really, the natural rate of interest has tanked back into negative territory over the last handful of months, inflation is nowhere to be found, and every time she speaks publicly about inflation unicorns, she gets a negative market response, especially in oil that is especially sensitive to demand… And it’s all just another day at the office.

I think Evans made a good point today when he said that the Fed has plenty of tools to appropriately manage the upside of inflation, but almost no tools at all to manage a crisis brought on by raising rates too soon. I agree.

So what I think I will get Janet is a huge sticker with the letters NGDPLT plastered across it in bold red print for her fridge door. She will be needing the reminder of it soon enough.