In a Letter to the Editor in a recent Wall Street Journal, was this remark:

[A] major reason for doing this [artificially suppressing interest rates] is an attempt to raise inflation to their sacrosanct 2% level.

Interest rates are inherently inflationary, since they raise the cost of money. If the Fed were serious, they’d set their benchmark rates at levels historically consistent with 2% inflation, and then they’d sit down and shut up.

One factor keeping the Fed interfering, though, is universal to all bureaucracies—the bureaucrats can’t sit down and shut up, they think they have to be constantly doing or yapping.

Sometimes it’s necessary to clean out the whole rat’s nest, not just go through the motions with scheduled rotations of the political appointees at the top.