Memo To Fed: Don't End The Trump Boom Prematurely

We know the central bank has the responsibility of not letting inflation get out of hand. And, having met and spoken with Fed policymakers, we know they are decent people. Still, we urge caution as they march rates higher. Trump's tax cuts and rising investment are fueling anti-inflationary, inclusive supply-side growth. The Fed's record isn't good. Virtually every recession in the postwar era was a result of excessive Fed tightening to slay inflation. It shouldn't happen again.