Opinion by Catherine Rampell: Federal Reserve Chair Jerome H. Powell, one of the most powerful policymakers in the world, casually mentioned that he had gotten something wrong. That, in my view, is praiseworthy and distressingly rare.
Powell, one of the most powerful policymakers in the world, casually mentioned that he had gotten something wrong. That, in my view, is praiseworthy.
“The one piece of guidance that we gave that I probably wouldn’t do again,” he said, “is we said we wouldn’t lift off unless — until we saw both maximum employment and price stability.” Translation: Powell said the Fed probably shouldn’t have declared that it would wait to raise interest rates again until the labor market was fully healed and inflation was back on target.
This might seem like a banal comment. It’s now a widely held view among economists, anyway, that the Fed should have begun raising interest rates earlier than it did, given how persistent inflation has been. It’s not even the first time Powell has acknowledged in
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