Bennett Pope, Chapter 10, Question 6

I did not previously understand how narrow a margin the Federal Reserve has in getting the money supply right. The factors they have to take into account are incredible, and the time it takes to see the effects of their policy makes it even harder. If they make interest rates too low, we get too much inflation, and if they err too high, there is deflation. It makes me think of playing a video game where your character lags and you have to wildly predict the future. It causes me to respect those who are smart enough to get these rates even near where they should be, and it causes me to be more sympathetic towards those who miss the mark.