The Fed’s True Love: He Tapers Me, He Tapers Me Not

There are any number of easily-observable reasons why there isn’t any tantrum to this year’s taper. This year’s “inflation” wasn’t inlaborflation, and there isn’t much chance at all next year’s is even close to that much. Why not? Since we’ve got the two love-struck fellas, Bernanke and Powell, the answer to this unlovely “conundrum” provided by the cold-hearted lady Yellen in that suspiciously brutal (see: above) year of 2014:

Ms. YELLEN. But when we see diminished labor force participation among prime-age men and women, that suggests something that is not just demographic. And so my personal view is that a portion of the decline in labor force participation we have seen is a kind of hidden slack or unemployment.


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