reduce the urgency for the Federal Reserve to tighten monetary policy.

My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.

For the same reason a disease cannot be cured by more of the germ that caused it, the inflation and debt accumulation of the Obama years will not inflate our way out of it.

Monetary policy is not a panacea.

Domestic inflation reflects domestic monetary policy.

The Federal Reserve will be meeting on Sept. 30. It will be an easy decision to leave policy unchanged. There is no sign of accelerating inflation, and there are arguments and evidence that growth is in the process of slowing somewhat.