Time to declare victory on stimulating the economy

Sure, don't "panic" about inflation, but the Fed should react

It makes me very nervous to see headlines like “Why it’s not quite time to panic about inflation” (Emily Stewart, Vox) or “History says don’t panic about inflation” (Paul Krugman, New York Times).

The reason isn’t that you should panic about inflation, but based on the way the English language works, panicking is — by definition — never appropriate. Thu…