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And the middle of the roaders are saying that there never was much inflation, so if there's a recession it must be because he made a policy mistake".
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But in both cases inflation was much higher than it is today.Headline inflation rates are now falling, thanks to lower commodity prices.
Inflation was much higher — 2.9 percent versus 1.4 percent.
If it was much faster, and if inflation keeps rising, look for the Fed to become more aggressive before the summer ends.
But with oil prices having tumbled by more than half to around $70 a barrel and with other commodity prices being sharply lower, King acknowledged inflation was much less of a concern.
The figure is watched with trepidation on Wall Street because last month's consumer price inflation was much higher than expected.
Since 2006, food inflation has been much faster than general inflation, and the prices of basic foods have doubled or even tripled.
If growth is still weak, if there is more QE2, if the Fed fund rate is at zero, if there is not much inflation.
"The unknown question is how much inflation central banks are willing to tolerate.
It's just there has been so much inflation since then so that you really can't afford to invest at that point.
But household debt-to-income ratios were much lower when inflation targeting was set up in the early 1990s.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com