The Fed's slow response to inflation was a mistake, says ex-chair Ben Bernanke
CNN
The first rule of running the Federal Reserve is: You do not criticize the Federal Reserve.
An unspoken edict amongst former Fed chairs has been to not speak ill of their successors to preserve the apolitical nature of and trust in the institution. But former Fed Chair Ben Bernanke broke those rules on Monday morning when he said that the central bank had erred in its approach to addressing 40-year-high inflation.
"The question is: Why did they delay that? ... Why did they delay their response? I think in retrospect, yes, it was a mistake," he said during an interview on CNBC's Squawk Box Monday. "And I think they agree it was a mistake."
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