Amid a new four-decade inflation record, the Federal Reserve is being criticized for not taking action soon enough to curtail rising prices, and some are pointing the finger at stimulus checks.
The Labor Department announced Friday that the consumer price index rose 8.6% in May from a year ago, indicating prices for everyday goods increased 1% in a one-month period.Allianz economist Mohamed El-Erian noted that the Federal Reserve “mischaracterized what inflation is, and it fell behind.”
Former Fed chairman Ben Bernanke has also criticized the central bank’s delayed action, saying, “It was a mistake.” To date, the federal government has issued three rounds of stimulus payments, with the first valued at $1,200, the second at $600, and the third at $1,400, for eligible people, with the last checks authorized by President Joe Biden in March 2021 — just as the economy was showing signs of improvement.
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