Powell can go ahead and do the right thing and it still won’t matter much until we stop printing and spending money.
We are going to have a hard landing. Rising interest rates are killing the housing market and the stock market. It is also increasing our debt servicing costs. Every percent rise in the interest rate adds about $300 billion to our debt servicing costs. In 2020 we spent $340 billion on debt servicing costs compared to $800 billion on defense.