This is CBS I on the World with John Bachelor.

Here's John Bachelor.

Wall Street Journal reporting on Chairman of the Federal Reserve.

Fed Chair Jerome Powell maintains weight and see posture on inflation and rates.

Said the Central Banker,

we're just going to have to see where the inflation data falls out.

This after a disappointment for Wall Street,

a PPI that's producer price index number coming in hotter than expected.

Therefore, I welcome Joseph Sternberg, member of the

editorial board of the Wall Street Journal.

He's in London.

He writes political economics, and he just so happens

to have written a new column teaching me about the Federal Reserve.

What I didn't know before turns out to be what nobody knew before

knew before because it's all new.

The Federal Reserve is inventing new ways to confuse those of us who read

about it. And this time it starts with my memory, something called quantitative easing,

which was a product of a concern about the economy not recovering from the Great

Recession or any other event that was a shock to the system.

Quantitative easing meant that interest rates would decline because the Federal Reserve

is no longer asking the commercial market

to buy up the treasuries, it was buying them themselves.

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