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The noises being made about a possible increases to QE are rising. A New YorkTimes story over the weekend adds further evidence that some are calling for more. They note that the topic of discussion at the Fed may start to focus on inflation and whether more QE should be done to boost inflation up, to give the economy the boost it’s lacking.Harvard professor Kenneth Rogoff says that inflation needs to be embraced and that the Fed is being too meek. He wants inflation pushed up to 6% for a few years and says the Fed’s caution is like not swinging hard enough at a golf ball in a bunker.
"You need to hit it more firmly to get it up onto the grass,” he said. “As long as you’re in the sand trap, tapping it around is not enough.”
Bernanke is also well known for citing the economic risk of low inflation. In July he said;
"Low inflation is not good for the economy because very low inflation increases the risks of deflation, which can cause an economy to stagnate. The evidence is that falling and low inflation can be very bad for an economy.”
Full story here.
Inflationary worries were tilted to the upside when QE first came to the scene but it hasn’t materialised and has fallen. With the size of the Fed’s balance sheet moving into bum flapping territory, surely increasing QE will cause some nervous breakdowns in the Fed members?