The Fed deserves credit for the disinflation

Sorry, Paul Krugman

An idea seems to have gained ground, even among some very serious observers, that the most rapid hiking cycle since Volcker has nothing to do with the present disinflation. “Many commentators rushed to give credit to the Federal Reserve,” Paul Krugman writes, “But the more I look at that claim, the less plausible it seems.” “These happy circumstances ha…