What would happen to a CEO that underperformed continuously for seven years?

That´s exactly the position the Fed is in. According to this excellent Wapo article – The economy never seems to be as good as the Fed thinks it will be:

Over the past seven years, the Fed has continually underestimated how much support the economy needs. Many times, the Fed has suggested that the stimulus, which has come in the form of near-zero rates and $4 trillion in bond purchases, would be fairly limited in scope. As a result, the Fed has almost always had to delay any move that could be seen as withdrawing that stimulus.

Leading others to claim that if the Fed doesn´t move now, it will be damned forever, as in The Fed Should Act Now:

Taking action now will once and for all dispel any doubt about its willingness to implement a policy completely in line with the US economic outlook. Before the international multilateral watchdogs stepped in, the Fed had the option to wait until December to tighten credit conditions. Now, the markets would regard any delay from the Fed as clear proof it lacks the stamina to perform its task. Nothing could prove more detrimental to global economic stability.

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