A critical assessment argues that the US Federal Reserve relies on obsolete maps and lagging indicators to manage modern macroeconomic challenges.

<p>It would be easy—and a mistake—to blame the US Federal Reserve’s many blunders on corrupt bureaucrats or imagined conspiracies. The truth of the matter is that the central bank relies on an outdated regional map and lagging indicators that no longer tell the whole story, while battling macroeconomic blazes that politicians stoke.</p>