Min utveckling av Knut Wicksells teori om den naturliga räntan; updated with Bessent
När aktier och huspriser stiger är räntan för låg.
Centralbankerna bör avskaffa målet om två procents inflation och i stället stabilisera tillgångspriserna.
https://englundmacro.blogspot.com/search/label/cpi2p
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Is the Fed’s Inflation Target Still 2%?
https://englundmacro.blogspot.com/2025/12/s-feds-inflation-target-still-2.html
Bessent Sees Room for Future Revamp of Fed 2% Inflation Target
“Once we are back to 2 — which I think will be in sight — then we can have a discussion: Is it much smarter to have a range?” Bessent said in an interview on the All-In Podcast. “Once we re-anchor to the target, then we can talk about a range.”
Fed policymakers in 2012 formally and publicly adopted the current 2% target, which is shared by many central banks around the world. Bessent said that the idea of “decimal-point certainty is just absurd.”
But he said shifting the target at a time when inflation is running faster than that would risk giving the impression that “when you’re above a level, you’ll always fudge upward.”
The discussion could potentially be framed around a switch to 1.5% to 2.5% or 1% to 3%, Bessent suggested in the interview, which was posted on Dec. 22. “There is a very robust conversation” to be had, he said.
Bloomberg December 23, 2025 at 4:27 PM GMT+1
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