Here's Tyler Cowen: The Fed thus could make an error on either side of its target, through no procedural fault of its own. As a result, as a simple matter of logic, the rate of price inflation could be too high, or it also could be too low. if you think you know the direction of the error in advance, you aren’t paying enough attention to the underlying unpredictable uncertainties. If by "know" Tyler means, "know with certainty" then he...