This is CBS I on the World with John Bachelor.

Here's John Bachelor.

Federal Reserve always a focus for Wall Street,

when it's meeting and when it's not meeting.

What is it going to do?

Looking at the sky, looking at the stars,

reading signs on your way to work in the morning.

What happens today?

One of my favorite metrics for the Federal Reserve back in the days before the Internet

was whether Alan Greenspan he was in the chair was

coming to work with a thick briefcase or a thin briefcase that was said to mean

one thing of the other I can't remember how so I go to Joseph Sternberg he's a member of the

editorial board of the Wall Street Journal he's in London he writes political

economics and with the happy distance of the Atlantic Ocean, he's looking at the Federal

Reserve asking what is to be done.

Joe, a very good evening to you.

You ask the provocative question, how do you solve a problem like the Federal Reserve

I was taught many years ago first you have to admit you have a problem have we done

that part Joe good evening to you hey John only partly are readmitting there's a problem.

So the problem we're talking about here is I think that people have

realized over the past 15 years since the financial crisis in 2008 and especially over the past

couple years when the Fed presided over their worst inflation in America seen in 40 years.

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