Last year, the Federal Reserve announced a policy termed "flexible average inflation targeting." The basic idea is that the Fed commits to insuring that PCE inflation will average roughly 2% over an extended period of time, and that any short run discrepancies will be offset by future overshoots in the opposite direction. Although they did not specify a starting point, it's generally assumed to be roughly the beginning of the decade (say January 2020.) Thus inflation should average 2% during...