Jonathan Newman joins Bob to discuss the argument being put forth by Alan Blinder, James Galbraith, and other progressive economists, who claim that the Federal Reserve's rate hikes couldn't possibly be responsible for the quelling of consumer price inflation.

Jonathan and Bob stress the important role of expectations as a "transmission mechanism" from Fed policy to impacts on prices.

Galbraith's Article on the Fed's 'Soft Landing': https://Mises.org/HAP409a
The Paper on the Forward Guidance Paradox That Mentions Krugman: https://Mises.org/HAP409b