President Donald Trump’s insistence that Federal Reserve Chairman Jerome Powell is behind the curve and should lower interest rates immediately has been criticized by the usual suspects. A close examination of the inflation record since Trump’s inauguration, though, shows he’s right.

The Fed has a dual mandate to maintain stable prices and encourage low unemployment. Since it successfully quashed the 1970s-era stagflation, it has consistently tried to balance those goals by setting a clear inflation target and shifting interest rates up or down in response to clear economic trends.

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