During an interview on Bloomberg television, Keynesian economist Paul Krugman said that the Fed shouldn't raise rates at the present time and that the Fed should overshoot the 2% inflation target.
He went on to say that the Fed is looking at the 2% inflation number as a ceiling rather than a target.
He seemed to question whether the 2% target itself was high enough and added, "Don't shoot until you see the whites of their eyes."
Yes, of course, Fed chair Janet Yellen should hide behind a tree and wait until she can see the "white eyes of inflation."
At what rate Krugman would consider "white eye inflation," he didn't say, but it should be noted that although Fed looks at other price inflation numbers, Consumer Price Index at the end of January stood at 2.54%.