The Federal Reserve “didn’t do their homework” and mischaracterized the spike in inflation that has plagued the U.S. economy over the last two years, according to Nobel Prize-winning economist Joseph Stiglitz. U.S. inflation started to gain pace in early 2021 as the economy emerged from the Covid-19 pandemic, rising from an annual 1.2% in December 2020 to a 40-year high of 9.1% in June 2022. The Fed didn’t start hiking rates until March 2022 and Chair Jerome Powell repeatedly insisted that inflation was “transitory,” indicating that it could be easily tamed. “The Fed thought the source of the inflation that began in ... (full story)