Another annus horribilis for the Fed

Over the past two years, the U.S. Federal Reserve has repeatedly erred in its analysis, policymaking, communications, and governance. CAMBRIDGE- On the 40th anniversary of her ascension to the throne, Queen Elizabeth II remarked that "1992 is not a year I will look back on with absolute pleasure. As we approach a new year, the U.S. Federal Reserve, looking to put its own…