FORBES - NOVEMBER 2006

 

Central Bankers rarely admit mistakes unless they are discussing events long lost in the fog of history. That's what makes the Nov. 2 remarks by Richard Fisher , president of the Federal Reserve Bank of Dallas, so remarkable.  Fisher candidly told a gathering of the New York Association for Business Economics that an inflation gauge relied on by the Fed (the index core personal consumption expenditures) was malfunctioning four years ago.  Back in those days