One easy explanation for Fed Chair Yellen's low-inflation 'surprise' is staring her in the face

Beware of "structural" explanations for anything in economics. They're generally excuses for policy inaction. Take the case of the Federal Reserve, which has signaled an intention to continue raising interest rates despite an inflation rate that has been chronically below its 2% target for several years and is actually moving in the wrong direction. Monetary-policy 101 would suggest it's a bad idea to tighten financial conditions if inflation is below target and wages are struggling...