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NY Fed Boss’ iPad Price Remark Elicits Anger

12 Mar 2011

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Queues as iPad 2 goes on sale in US

ITN

New York Fed President William Dudley got an earful after citing the price of the new iPad as an example of why inflation isn't a problem.

After being bombarded with questions about food inflation while on a visit to the Queens area, Dudley attempted to reassure his listeners by putting rising commodity prices into a broader economic context - but that only made matters worse, reports ITN.

Dudleyexplained the Fed's position: "Yes, food and energy prices may be rising, but at the same time, other prices are declining."

Stretching for a real world example he said: "Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," he said. "You have to look at the prices of all things."

This prompted guffaws and widespread murmuring from the audience, with one audience member calling the comment "tone deaf."

"I can't eat an iPad," another said.

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