Obviously Ben's “call” on inflation has been one of the worst macro calls in recent memory. That said, eventually even a broken clock gets the time right. Surely using his new "medium term” definition gives him room to call inflation abating before the year 2010, but who cares.
Bernanke's crystal ball has had zero predictive value. I am not sure why the media and traders think it does today, other than they have no context.