They're raising rates while inflation is at the low end of their band. Normally, they wouldn't do that. Or rather, normally inflation would be going up now that

They're raising rates while inflation is at the low end of their band. Normally, they wouldn't do that. Or rather, normally inflation would be going up now that the economy is. My point was that inflation and growth/employment may have decoupled. This article expands that argument at length: http://business.financialpost.com/news/economy/the-phillips-curve-is-broken-heres-why-that-is-keeping-economists-up-at-night http://business.financialpost.com/news/economy/the-phillips-...