Since the Fed can’t rely on Covid as an excuse to explain away its inflation tomfoolery, now Chairman Jerome Powell actually has to come up with a real solution.
And that solution must work, since the Fed is entrusted with keeping inflation and rates under control. Everyday Americans’ lives hang in the balance.
So, just how big an inflation “tidal wave” does Powell have to stop?
Officially, the latest inflation report came in at 7.9% in February 2022 (it’s probably accelerating even faster now). You can see how much faster inflation is rising compared to the last two decades of economic activity on the chart below (and it isn’t pretty): Continue reading “Fed Fights Inflation by Doing the Worst Possible Thing”
