you pick? In the description of their mandate, there isn't a preference over one of the other. They're supposed to try and solve for both of the problems, but you wind up in a situation like we are now where it's virtually impossible for them to solve for both variables, and then you get into a conflict of which one to pick. So I don't think it's the mandate. I think that they're correct in their targeting of inflation. I just think that the way in which they go about spotting these trends is flawed. They are using more of these point estimate type models, like the Phillips curve, and things where you put a whole bunch of inputs into a model, and it spits out what the number or what the inflation rate should be. And that gets to our earlier discussion about these cyclical inflection points is every time you get to an inflection point, let's say we go back to our Trump example of the economy was accelerating from 2016 to 2018, when the Fed puts in all of these numbers into their model (52/57)
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