This is

this CBS I on the world. I'm John Bachelor.

Joseph Sternberg, member of the editor of the Wall Street Journal.

He's in London.

He writes political economics, and he's watching the Federal Reserve. Why? Well, there's

an election on and the Federal Reserve is independent of the election, independent of the

presidency, independent of Congress, we're told.

Joe, a very good evening to you.

If I understand the remarks in your most recent column,

the Federal Reserve has some explaining to do

about its conduct these last years. Do we expect either a full presentation or rationalization or review of the

possibility that mistakes were made and that the inflation of 22-23 was a product of

having missed something, missed signals and is there a correction underway?

Good evening to you Joe. Hey John I mean it would be

nice to think that there is going to be that kind of re-evaluation of you

mistakes the Fed has made over the past few years, but I think that there is reason to worry that such a thing is not going to happen.

And, you know, I think we should take a step back and understand that we're talking about this right now because the Fed has

rather surprisingly become a bit of a campaign issue. Usually the Fed is too

nerdy to count as a campaign issue in a presidential election.

But it's on people's minds because if you've gone to the supermarket lately,

you might have noticed that over the past few years we had the worst inflation in 40 years and that will tend to focus

voters attention and so now there is a lot of debate about what to do about the Fed.

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