He would note that America's economic slack is disappearing fast, that its nominal GDP has risen by 7% over the past year and that inflation is around 3% and rising.
"Economic slack persists and inflation is running below the Fed goal in its medium-term projection," Mr. Reinhart wrote.
As I get ready for my UK visit, one thing I've been puzzling over is the contrast in views between the US and the UK over the amount of economic slack.
This time it was the Phillips Curve in reverse, specifically an FOMC release that noted that due to "increasing economic slack here and abroad, the Committee expects that inflation will remain subdued".
The majority of the MPC seem to think that supply can grow with demand so that economic slack persists, unemployment remains elevated and the UK sees a period of non-inflationary growth.
Goldman Sachs expects most of the euro area's economic slack to be absorbed by the end of this year, so inflation is unlikely to fall by much.
Not so in Britain: though there is plenty of economic slack, inflation has actually been above the Bank of England's target.
"The correspondingly weaker outlook for UK output growth means that the margin of economic slack is likely to be greater and more persistent".
Using the Taylor rule, a popular rule of thumb, economists at Deutsche Bank suggest that given today's degree of economic slack and inflation rates, short-term rates should be negative in America, Britain and the euro area.
"In light of increasing economic slack here and abroad, the committee expects that inflation will remain subdued," says the Fed statement.
"Because policy space is limited, public debt ratios are very high (and still rising), and economic slack is already substantial, further negative shocks domestic or external shocks could severely impact growth," the IMF said.
