The Fed has come under fire for the way it tackled inflation. Here are the latest critiques from Elon Musk, Mohamed El-Erian and others.
The Federal Reserve has come under much fire for pushing the US economy to the brink of a recession with its war on inflation, after failing to act earlier when the price pressures were still building.
That has sparked strident criticism from business moguls such as Elon Musk and economists including Mohamed El-Erian, Jeremy Siegel and David Rosenberg. "My concern with the way that the Federal Reserve is making decisions is that they are just operating with too much latency," Musk toldon Tuesday."Basically, the data is somewhat stale, so the Fed was slow to raise interest rates. And now I think they're going to be slow to lower them."
Siegel said the Fed is likely to pause its aggressive monetary policy in June, but there's still a group of policymakers who want to continue hiking rates"until they smash the economy." He also called the Fed's lagged economic data"stale" in what could result in a"severe slowdown and recession if they continue hiking.
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