Why the 2% Obsession?
I'm beating myself up for not coming up with the question earlier...but why is the Fed so obsessed the the 2% inflation rate? Historically, inflation has seen an average rate of about 4%. Granted, that does include some difficult cycles of price increases; but that accounted for, is that 2% target rate worth achieving even if it does crater the economy and wage growth? Also, what's this I hear about capital requirements going up?
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