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The Fed's objective then was to drive inflation higher.
It has helped drive inflation to more than 4% over the past year.
Despite her best efforts, Margaret Thatcher never managed to drive inflation down to its current level.
I wrote that in July 1996, Ms. Yellen was concerned that the Fed might drive inflation too low.
But that poses the risk that companies could increase prices to offset higher labor costs, touching off a worrisome wage-price spiral that would drive inflation even higher.
This has helped drive inflation to around 15%. Collapsing tourist revenues after the Tigers' blitz on Colombo augur more economic damage.
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The cheap currency also drives inflation by making imports more expensive.
And that, in turn, drives inflation with higher construction and borrowing costs.
Instead, increases in food prices drove inflation back up to 3.2%.
But that flood of money has also driven inflation, giving Beijing an incentive to let the renminbi move higher.
And because oil is an input for mining, agriculture, industry and transport, its price drives inflation across the economy.
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CEO of Professional Science Editing for Scientists @ prosciediting.com