There is always debate about how both inflation and unemployment are calculated. People argue the reported numbers are wrong all the time, they have done for as long as I’ve been reading financial news, and probably some of those people are right. Sometimes unemployment numbers are retroactively revised after more information becomes available, that certainly has happened before.

But in terms of predicting monetary policy I’m not sure it matters. What matters is if the numbers the Fed has are above or below their target, not whether the numbers are 100% accurate, as far as their accuracy can even be measured.