What happens when the Fed realizes that severe rate hikes don't fix supply chains, don't stop war profiteering or pandemic profiteering, and can't compensate for Congressional refusal to raise the revenues needed to pay the bills they have been running up?
If the only way for rate increases to curb inflation is to drive the US economy (and possibly the world economy) into a brick wall, is that the right way to go?
I'm not blaming the Fed. They have limited tools to cool inflation.
Is there any chance the lame duck Congress will act responsibly on the way out, and vote to take the steps they alone can take to ease inflation? Obviously they haven't yet, and won't before Election Day. But they could after. Will they? I won't hold my breath, but I hope so.
If the only way for rate increases to curb inflation is to drive the US economy (and possibly the world economy) into a brick wall, is that the right way to go?
I'm not blaming the Fed. They have limited tools to cool inflation.
Is there any chance the lame duck Congress will act responsibly on the way out, and vote to take the steps they alone can take to ease inflation? Obviously they haven't yet, and won't before Election Day. But they could after. Will they? I won't hold my breath, but I hope so.