While I do not believe the Federal Reserve made a serious mistake on Wednesday in raising rates, I believe that the “preemption of inflation based on the Phillips curve” paradigm within which it is operating is highly problematic. Much better would be a “shoot only when you see the whites of the eyes of inflation” paradigm of the kind I have advocated for the last several years.
虽然我不认为美联储(Fed)上周三加息犯了严重错误，但我相信，美联储运行的框架——“基于菲利普斯曲线(Phillips curve)抢先狙击通胀”的策略很有问题。更好的选择是我在过去几年一直倡导的策略：“只在看到通胀的确凿证据时才开枪”。
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