Over the past three years, the US central bank has underestimated the rise in prices. There is an element of bad luck linked to numerous unforeseeable shocks, but also some poorly targeted decisions

On the 65 months of high inflation, he takes the blame on behalf of the Fed. And regarding US government bonds, he calls for them to reflect what investors think about inflation and public finances, without ad hoc interventions 

The US economy continues to grow whilst creating very few new jobs. And a weak labour market reduces the likelihood of monetary tightening, which had seemed increasingly likely following the Fed’s July meeting

The new chair of the US Federal Reserve would like to raise interest rates to combat inflation. But he also wants to avoid snubbing President Trump, who has just appointed him. His concern is understandable