Pimco's Fels: Fed Must Lead World Back to Inflation

The transcript discusses the Federal Reserve's approach to managing inflation and interest rates. It highlights the Fed's cautious stance due to low inflation and the need for optionality in decision-making. The Fed's revised economic outlook and potential strategies, such as raising the inflation target or adopting new targeting methods, are also explored.

What does it mean for monetary policy to be not very accommodative despite low interest rates?

Discuss the potential options mentioned by John Williams regarding inflation targeting.