The economy needs rate hikes to curb speculative excess.

The economy needs higher rates, but not because of any threat of faster inflation. 

The economy needs rate hikes to curb speculative excess.

There's a great big pile of evidence that financial markets have reached the speculative mania phase.

The Federal Reserve’s response to all of this has been to engage in a ridiculous discussion about inflation targeting. 

Policy makers are still concerned about the rate of inflation being too low and are seemingly oblivious to the signs of excess speculation all around them

Jared Dillian, Bloomberg 16 januari 2018