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If economics were literature, the story of what happened to inflation would be a gripping whodunit. Did inflation perish of natural causes\u2014a weak economy, for instance? Was it killed by central banks, with high interest rates the murder weapon? Or is it not dead at all but just lurking, soon to return with a vengeance? Like any good murder mystery, this one has a twist. What if the apparent defeat of inflation blew back on the central bankers themselves by making them appear expendable? Far from being lauded for a job well done, they\u2019re under populist attack. \u201cIf the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been well over 4% instead of 3%?\u2026?with almost no inflation,\u201d President Donald Trump tweeted on April 14. On April 5, channeling Freddie Mercury of Queen, he said \u201cyou would see a rocket ship\u201d if the central bank eased up.<\/p>\n\n\n\n