'Our new estimates imply that the current policy gap (12.7%), measured as the difference between core inflation and the real federal funds rate, is already roughly equal to the peak gap of the Volcker-era (12.1%).' https://t.co/yPn56KIN6x pic.twitter.com/TRI2A9WHBF

— Jesse Felder (@jessefelder) June 6, 2022