Wharton prof to Fed chair: Apologize

Wharton Business School professor Jeremy Siegel criticized the Federal Reserve and its chairman, Jerome Powell, on Monday, saying the U.S. central bank is moving too aggressively to fight inflation and will hurt American workers in the process.

Siegel said on CNBC’s “Squawk Box” that persistently high inflation in 2022 is due in large part to mistakes made by the Fed in the aftermath of the coronavirus pandemic, which caused economic shutdowns around the world and big drops in global markets, and that the Fed’s pivot to fast rate hikes would cause more economic damage.

“Honestly, I think Chairman Powell should offer the American people an apology for such poor monetary policy that he has pursued, and the Fed has pursued, over the past few years,” Siegel said.