Exactly. What really ticks me off is Powell never addresses the elephant in the room. The Fed can only affect monetary policy, but that alone does not fix the economy. Powell refuses to say that government spending has to be cut. He won’t say regulatory, energy and trade policies need to be changed. All this tells me is we are going to be on an inflation roller coaster like all of the 1970’s and early 80’s. We will have at least a decade of a terrible economy.
“The Fed can only affect monetary policy, but that alone does not fix the economy. Powell refuses to say that government spending has to be cut. He won’t say regulatory, energy and trade policies need to be changed.”
He’s not supposed to, he is to stay silent on that. Separation of powers. And the President/congress isn’t supposed to tell him what to do either.
Most people here apparently weren’t around during Volker’s day. They wouldn’t have survived.