I actually feel bad for the fed. They have 2 jobs and 1 left lever. Inflation is not high because most Americans are overemployed and making too much money - which is what the higher rates are supposed to address. Inflation is high because our administration and Congress are absolute fucks.

But the Fed can’t end wars or tax wealth…so they raise the rate which will result in less employment but isn’t all that likely to affect inflation due to the asymmetric distribution of consumer spending. Stagflation seems inevitable without Congress doing it’s in job