(Bloomberg) -- The Federal Reserve is talking “way too tough” and Jerome Powell should apologize for poor monetary policy over the last two years, Jeremy Siegel, a finance professor at the University of Pennsylvania’s Wharton School of Business, tells CNBC in an interview. 

He said it is likely the Fed will be too tough and too tight for too long. Fed Funds futures are too tight “given the forward-looking actual rate of inflation” when you see data such as home prices, commodity prices and freight rates declining, Siegel said. The risk of recession is much higher than “waffling” on inflation. 

The money supply is a clue as to why we had so much inflation over the last two years and “that has stopped dead in its tracks,” Siegel said. It has declined from March for the “first time since World War II,” he added.

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