Federal Reserve’s Jerome Powell Owes American People an ‘Apology’, Says Jeremy Siegel
According to eminent Wharton Business School professor Jeremy Siegel, Federal Reserve Chair Jerome Powell owes the American people an “apology” for his poor handling of monetary policy over the last couple of years.
In an interview with CNBC on Monday, Siegel purported that the central bank is now behaving too aggressively to combat inflation and will negatively affect U.S. workers during this tightening cycle.
Because the Fed is focusing too much on lagged inflation data and is “talking way too tough,” Siegel thinks that the central bank should instead turn its focus on preventing a recession.
“Chairman Powell talked quite a bit about JOLTS data—the job opening and labor turnover data. How tight it is. Interesting thing, I look back a year ago September, it was exactly as tight as it is today. And he never said anything about inflation. What’s caused him to change his mind? It’s the same data,” Siegel said. …