MUFG's Tan Says Central Banks Can't Create Inflation

The transcript discusses the Federal Reserve's minutes, focusing on the persistence of inflation and Janet Yellen's stance on rate hikes. It highlights the challenges global central banks face in creating inflation and the structural factors affecting it, such as the Amazon effect. The Fed's inflation models are evaluated, revealing past prediction errors and the need for further examination.

What does the speaker mean by the 'Amazon effect' in relation to inflation?

What concerns does the speaker raise about the Fed's inflation models?