New Delhi, April 1 -- The great "Oracle of Omaha" has been right about many things, but when Warren Buffett floated lowering the inflation target to zero on Tuesday, he got it wrong.

The Federal Reserve's dual mandate is maximum employment and price stability. In service of keeping price growth stable, the central bank has set an inflation target of 2%. But it's a goal that the Fed hasn't been able to achieve in more than five years.

While some economists and those in the Trump administration have contended that the target needs to be raised to 3%, Berkshire Hathaway's chairman and former CEO said Tuesday that he thinks even the current 2% goal is too high. In fact, he'd be in favor of targeting no inflation.

"I wish they had a zero in...