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Says Greg Mankiw:

The last thing we need is the perception that the Fed is caving in to political pressure. Such a perception, even if unfounded, would raise inflation expectations and make the Fed's job even harder.

Note to Congress: if inflationary expectations go up, the Fed has to raise interest rates in order to combat them. Thus, demanding that the Fed ease the money supply is actively counterproductive. Please stop.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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