As the Federal Reserve still holds onto its hawkish bias amid the still-elevated inflation, economists, includingPaul Krugman,have been sounding out the need for increasing the central bank's inflation target.
Inflation, though retreating from the levels in the summer of 2022, is still above the Fed's target of 2%.
What Happened:Krugman backed Harvard University professorJason Furman'scall for a 3% inflation target and said the rationale for a 2% target has been overtaken by a couple of decades' experience.
The Nobel laureate shared his opinion in a post on X by quote-tweeting Furman's Wall Street...
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