The Fed can NOT control inflation right now. It is not politically expedient to do so. They may SAY they’re going to do something, but what will actually happen will be the opposite.
Headed?
SMDH
There is another dimension to the Fed’s problematic situation: it cannot substantially increase rates because it will have political implications (i.e., the Dems will accuse the Fed of damaging them politically).
Also, if another COVID wave ripples through the country increased rates will stymie recovery efforts.
The Fed put itself in a box.
They are in full control in raising inflation. Increasing taxes and most of the things the government does increase inflation. President trump threw a shoe in the mechanism of democirat inflation and rats are bringing back inflation.