The US Federal Reserve has got it wrong - Andrew Sentance

``Continuing with such low interest rates in the UK and the US, when unemployment rates are back to 5-5.5 per cent and our economies are growing well, raises some more profound questions about monetary policy in the west... if interest rates cannot rise now, when will they increase? In the case of the US, growth has averaged over 2 per cent for more than six years since the recovery started in mid-2009. Unemployment has halved from around 10 per cent to 5 per cent over roughly the same period. Yet interest rates remain stuck -- close to zero. A similar position prevails in the UK.''