Fed's Rosengren says it's too early to worry about significant inflation

Is it really too early?

When 90% of government bonds globally are trading below 1%, how can it be too early? In a few minutes the US Treasury will be selling $38 billion in 10-year notes and all those investors need to worry about inflation, because they're getting 0.67% nominally.

Rosengren said that he's not concerned about inflation because unemployment is 10.4%.

Consider this, in May 1977, Hubert Humphrey told President Carter: "In every period in our history, a rise in unemployment has been accompanied by a rise in inflation."

There's a forgotten lesson there.