When will the Fed respond to inflation?

Price volatility, inflation expectations, and the Fed's new reaction function

Matt Klein is arguably the most important economics commentator writing today. During the intellectual revolution that followed the global financial crisis, Klein, then at FT Alphaville, played a crucial role in propagating the emerging expert understanding of macrofinance to informed-but-non-expert observers. In 2018, together with Alexandra Scaggs, he…