Another month, another entry in the long record of the Federal Reserve failing the American people.
It was the winter of 2015 and genuine full employment was obviously still a long way off. But out of a fear of inflation, the Fed began tightening monetary policy anyway, thus preventing people from getting jobs. A year and a half later, it is more obvious than ever that this was highly premature. There is no sign at all that the maximum of employment has been reached, and strong circumstantial evidence that premature tightening has weakened the economy.