It is almost as if the Fed is looking for excuses to continue easy money policies now that inflation is in the range it targeted and employment news would otherwise indicate a solid recovery.

New Federal Reserve Chairwoman Janet Yellen is a labor economist by training. Her job is to preside over the Federal Reserve, which has a dual mandate as put forth in the 1977 Federal Reserve Act: to maintain maximum employment and stable prices. Under previous Chairman Ben Bernanke, the Fed issued a statement on meeting those goals. As for inflation, it was rather straightforward and simple with the goal of 2 percent inflation annually over the long run. Employment was a little more complex. The Fed's 2012 statement explained that the maximum level...