Jerome Powell: In Hindsight, ‘Clearly We Did Underestimate [Inflation]’

EXCERPT:

WAGNER: "I mean, I want to be honest, sir, the Fed, I think underestimated actual inflation. What do you -- what do you think you missed?"
POWELL: "Well, we did underestimate it. And with the benefit of hindsight clearly we did. So, it comes down to the judgment we had to make, which has nothing to do with our framework or anything like that.”