Patrick Toomey actually said...

I would just point out that we learned in the 1970s that we can have a lot of slack, weakness in the economy, and still have very high inflation.

Toomey expresses concern about inflation despite economic slack.

01/06/2011

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I agree with that.

It is very important that Fed decisions on monetary and regulatory policy are entirely free from political interference.

Last year, Governor Brainard repeatedly insisted that inflation was transitory.

The actual evidence shows that there is no real physical risk. The transition risk, though, is real.