From Mike Konczal:
Their model is obviously telling them that whatever (non-)actions they’re taking at the moment will solve the problem.
And their model is obviously, consistently, and wildly wrong — and always wrong in the same direction.
Altering that model to accurately predict unemployment, of course, would require that they allow more inflation in order to address both of their mandates.
And higher inflation utterly slams the real wealth of creditors.
And the Fed is run by creditors.