Unfortunately, the larger the monetary base, the lower the interest rate required for a non-inflationary outcome.

FORBES: Fed Must Either Reverse QE Or Brace For Impact

One tactic is to ramp up prices, but this is tricky in today's non-inflationary environment.

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It has to do this in the face of a robust and so far non-inflationary economic recovery, and rising real living standards.

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Mr Blair's gang has inherited an economy in fair shape, amid a non-inflationary recovery which shows few signs of running out of steam.

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What followed was a period of steady non-inflationary growth.

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The second is that, regardless of productivity improvements, inflationary pressures are much weaker (or even non-existent).

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Those lamentations could provide comfort to Fed officials worried about deflation, since it appears that inflationary expectations are alive and well despite the fact that inflation has been virtually non-existent for the last couple of years.

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