Harvard Economist Warns About Price Inflation, Again

My favorite Keynesian economist, Martin Feledstein, is at it again. Bloomberg reports:

“We are facing a problem of rising inflation,” said Martin Feldstein, a professor at Harvard University in Cambridge, Massachusetts, and former chairman of the White House Council of Economic Advisers. The Fed is “probably going to respond too weakly, too slowly,” he added in a June 4 interview on “Surveillance.”

I have said something very similar in the EPJ Daily Alert many times. From the June 26th ALERT:

 Remarkably, the doves, which include Fed chair Janet Yellen and the vice-chair Stanley Fischer,see no inflation threat.

The interest rate hikes will come, sooner than most expect, but they will be much too little, much too late.

Stagflation is likely the ultimate outcome.

-RW