Yellen Let the Cat Out of the Bag

The Fed has failed to deliver on its inflation target consistently.

So in the Q & A after her speech, Yellen spelled out why the FOMC expects inflation to "return" to target. It was a remarkably honest admission. This is from the FOMC Press Conference on June 14, 2017.

Yellen: [The neutral rate] is hard to pin down; especially given the fact that the so-c…