Nobel Prize laureate Paul Romer argued that the Fed should begin to reduce interest rates, following the release of data showing accelerated economic growth in the United States in the third quarter and a continued slowdown in inflation.” Romer said on Thursday, "The Fed's interest rate hike is crazy at this time. I think they should start to lower interest rates and explain to people — we will reach the 2 per cent target in a year — that we need to prepare for a flat market yield curve.” According to the Professor of Economics at the Boston College: “The old theory was that inflation could be reduced only if the economy slowed down, but that is not the case now. So at this stage we must face the facts and not be confused by theories that have proved to be wrong.”