The monthly Open Market Committee meeting of the Federal Reserve Board coincided with yesterday’s second-quarter GDP estimates, which means monetary hawks were raising the volume of their harsh cries for deflation. But it seems Janet Yellen is determined to maintain equipose, continuing the “tapering” of bond purchases as scheduled but not signalling any intention of raising interest rates until and unless inflation accelerates significantly.

Tomorrow, of course, the July Jobs Report comes out, and if the official unemployment rate drops, it will intensify demands for refocusing the Fed on inflation-fighting rather than economy- stimulating. Good news is always an argument for creating bad news when it comes to the “responsible” advocates of monetary “stability.”

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Ed Kilgore

Ed Kilgore is a political columnist for New York and managing editor at the Democratic Strategist website. He was a contributing writer at the Washington Monthly from January 2012 until November 2015, and was the principal contributor to the Political Animal blog.