You say the Fed is behind the curve?

FILE PHOTO: Federal Reserve Chair Jerome Powell testifies during the Senate Banking Committee hearing titled "The Semiannual Monetary Policy Report to the Congress", in Washington, U.S., March 3, 2022. Tom Williams/Pool via REUTERS/File Photo

IF you’re looking for a case-study in economic groupthink, try Googling the phrase “Fed behind the curve.”

Informed opinion, it seems, has congealed behind a conventional wisdom that the United States Federal Reserve (Fed) has been too slow to restrain accelerating inflation.