Jeremy Siegel: Fed is 'monomaniacal' and making a mistake on inflation

The Fed is overly focused on its efforts to soften the labor market, and central bankers are making a major mistake about inflation, according to Wharton professor Jeremy Siegel.on Thursday, referring to the central bank's aggressive rate hikes over the last year to rein in inflation.

And since the pandemic began three years ago, wages have actually risen less than inflation, which suggests the Fed should actually let wages rise to let workers keep up with the cost of living. He added that central bankers were also making a mistake about inflation. Consumer prices were up 6.5% annually in January, well-above the Fed's 2% inflation target.

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