Response to Paul Krugman. Is the Fed premature?

PRK wrote a blog in the New York times on 20.6.13 titled 'A Potentially Tragic Taper http://nyti.ms/104e2S4 ' basically fearing the Fed is perhaps too proactive in anticipating an end to QE. 

I list below my response:

This is so and I couldn’t agree more with your reasoning after all back  in August of 2011 I was trumpeting the need for the Fed & Central banks in general  to abandon the guardianship of inflation fighting and embrace and promote higher inflationary expectations.

(See my first ever blog below)

What we should be focusing on however, is both the yield on longer term treasuries which has moved up considerably over the course of the last few months as the market assesses growth prospects, as well as the yield curve which is showing signs of steepening.

Both these factors, although in the past falsely signaled the return to stronger growth and subsequently collapsed, have now trended at these higher levels implying that market participants are more convinced about the sustainability of growth.

In this respect therefore, you may not be giving the Fed enough of the credit it is due. Time will of course be the judge of this. .