US policymakers underplayed the spike in consumer prices in 2021. In this Exchange podcast, Don Kohn, senior fellow at the Brookings Institution and former Fed vice chair, argues that a rule change a year earlier was a key reason why the central bank failed to lift rates faster. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.