America’s central bankers ought to be focused on revving the economy and adding jobs—period.

There’s no excuse for the Federal Reserve’s dawdling—not even its obsessive concern that inflation is too low. At 1.4% year on year as of July, core inflation is below the Fed’s target of 2%, but that goal is arbitrary and unrealistic for today’s economy. When the Federal Open Market Committee meets this week it should put aside this inflation fixation and raise interest rates, which have been dangerously low for much too long.

The current economic recovery has been the slowest in recent times, despite the lowest interest rates in history for the longest time. Easy money has benefited mainly the wealthy, while average consumers have been getting close to zero interest on their savings accounts. This is particularly tough for retirees who do not participate in the stock market.

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