What do you do when the target’s wrong?

What do you do when the target’s wrong?

As the Guardian noted yesterday: Bank of England rate-setter Catherine Mann has warned there is “very clear upside evidence” that UK inflation could remain above the central bank’s 2% target for longer. Mann, a member of the Bank’s monetary policy committee, said monetary policy needs to remain tight to rein in climbing household inflation expectations that threaten to keep price pressures elevated if they spill over into demands for higher pay…