Inflation got high. Why was the Fed slow to raise interest rates? : The Indicator from Planet Money What took the Fed so long to address high inflation? Today on the show, we're exploring six reasons behind the Fed's hesitancy to hike interest rates, according to Bill Nelson, who spent two decades working for the Federal Reserve. For more background, check out our episode last week, Jerome Powell's ghosts.

What took the Fed so long?

What took the Fed so long?

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Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee. Win McNamee/Getty Images hide caption

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Win McNamee/Getty Images

Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee.

Win McNamee/Getty Images

Today Jerome Powell was in the hot seat testifying before the Senate Banking Committee. On discussion: Why did the Fed wait so long to fight upticking inflation?

From politics to warped expectations, we boil it down to six main reasons from Bill Nelson, who spent two decades working for the Federal Reserve.

For further background about the mistakes Jerome Powell was trying to avoid, check out our episode from last week, Jerome Powell's ghosts. And for an extended list splitting these out to fourteen reasons, head on over to Bill Nelson's elegantly itemized list.

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