“There’s a window and that window is not going to be open forever. And they should have been moving towards tightening months ago.”

The Federal Reserve vowed to keep ultra-low interest rates intact until the recovery hits certain milestones. At its last policy meeting in September, it said it would likely begin reducing its monthly bond purchases as soon as November and signalled interest rates could follow as long as US job growth is “reasonably strong”.

Jobs data released last week showed the economy created the fewest jobs in nine months in September but the result is not expected to change the Fed’s course.

A sticking point for the Harvard University professor is inflation, blaming the Fed for setting the stage for “very substantial levels of difficulty”.

“Let’s be clear, in terms of inflation, the show has been running for six months, we’re running at inflation rates that are way above any concept of normal…

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