Jeremy Siegel: Fed's Powell Should Apologize to Americans

“The interesting this is I looked back a year ago [in] September, it was exactly as tight as it is today and he never said anything about inflation,” he said, asking, “What’s caused him to change his mind” with the same JOLTs data and other data points declining.

What has suddenly made inflation a threat “when a year ago when everything was booming he said inflation was no threat?” Siegel added.

“Honestly Chairman Powell, I think, should offer the American people an apology  for such poor monetary policy that he’s pursued and the Fed has pursued over the last two years.”

Siegel excoriated the Fed last week as well, telling a CNBC host he was “very upset” after remarks Powell made Friday.

“They were way too easy … and now, oh my God, you know, we’re going to be real tough guys until we crush the economy,” he said.

There’s no need to pursue such a tight monetary policy now, because “the inflation has basically stopped,” Siegel said in the earlier interview.

“On the ground, all the prices are going down. The only thing that’s not going down is wages, and by the way, wages are in a catch-up mode. Don’t argue they’re pushing inflation, they’re lagging inflation,” he said.