Inflation comes in waves. It ebbs and flows.
Just because you hit a trough, doesn’t mean the next wave isn’t coming.
I guess the point is….. when you rapidly raise rates it shouldn’t. But Biden screwed that up by not stopping spending while the rates climb. This admin is so frightened of the necessary recession thats inevitable theyve screwed the pooch.
No inflation 2017-dec 2020. Jan 2021 Biden intentionally took many different actions that raised the price of fossil fuel dramatically. Near my house gas went from 1.79-1.99 under Trump to 3.19 to 4.19 immediately. Currently 3.69.
Then Biden pushed the Recovery Act which spent trillions .... all going to inflation...not a single penny to productivily... which was the hallmark of the Trump era. Then Biden pushed the misnamed Inflation Reduction Act. The first 6 months of the Biden era inflation us ordinary people experience was about 10% at annual rate.... most of which was directly due to 3 actions of Biden.
Since then 7% and 5% and 3% figures have been %increase on the % already baked in. So they aren’t 3% of pre-Biden.
The FED is trying to fight inflation. They are doing their job. The FED did not oppose the Biden spending & regulation. But they didn’t push it either (as I recall).
The FED cannot be blamed for doing the job they are required to do. Biden created the problem.
Both for reality...and for politics... we should focus solely on the spending and regulation that caused this and not on the fire fighting efforts of others,regardless of whether they are the best or not.
We cannot afford to split over Trump is better than X. Or Nikki Haley does not fit the new interpretation of the constitution that makes her not a natural born citizen. Such ill informed side-fights distract. The goal is to win in 2024.