Don't thank the Fed for tackling inflation — it caused the problem, Wharton professor Jeremy Siegel says

• The Fed shouldn't get credit for tackling the inflation threat, Jeremy Siegel says.
• The "Wizard of Wharton" blames the Fed for the US money supply soaring and prices surging.
• The Fed has caused a "permanent loss of purchasing power" for workers and savers, Siegel says.

The Federal Reserve has overseen a sharp drop in inflation, without unemployment spiking or the US economy slumping into recession. However, Fed Chair Jerome Powell and his colleagues deserve little praise as they caused the headache in the first place, Jeremy Siegel says.