Alexandria Ocasio-Cortez Photo: Anna Moneymaker/Getty Images On Wednesday, in a House Financial Services Committee hearing, Representative Alexandria Ocasio-Cortez walked through the Fed’s repeated reductions in its estimate of the natural rate of unemployment — a figure that’s important, because it informs how the Fed decides whether we’re at full employment and therefore whether it might need to raise interest rates in order to contain inflation.
This is a welcome shift, but it’s worth asking how durable a shift it is, given the asymmetrical way in which the two parties approach economic policy. Indeed, this is something Democrats tend to suspect was happening when Obama was president and conservatives routinely decried the Fed as too loose, printing money, debasing the dollar, propping up a “fake economy” and such. Yet Democrats have continued to drift in a dovish direction on interest rates even though they have lost control of the presidency.
The conservative voices who have gained influence in the last couple of years urging a more dovish rethink of monetary policy — for example, commentators like Scott Sumner, Ramesh Ponnuru, and Karl Smith — were trying to talk the hawks off the ledge long before Trump became president.
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