The Fed's mission impossible: Steer the economy from the back seat

The U.S. Federal Reserve is talking up rate-hike expectations even when inflation and threats to inflation are slowing markedly. Investors should recognize that the Fed has a poor forecasting record and officials are likely to relent on their hawkish rhetoric as inflation subsides. In 2013, then-president of the Minneapolis Fed, Naryana Kocherlakota, used a pithy metaphor to…