THE recent announcement by Federal Reserve chairman Ben Bernanke that the central bank wouldn't immediately begin tapering its asset purchases seemed to be just what markets were hoping for: Stock and bond prices both rallied on the news, increasing the net worth of millions of Americans - at least until the spectre of a fiscal cliff again raised its ugly head in Congress.
So why did the Fed's action reap a blast of criticism?
Reuters said 33 of 48 economists it polled faulted the Fed for being "unclear" in its communications, adding, "It is rare for a consensus of economists to criticise a major central bank." The Wall Street Journal said Mr Bernanke's announcement was "the latest in a series...
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