OPINION: LARRY KUDLOW: Powell and Biden are getting ready to slaughter the small business sector
A lot of news today on both monetary and fiscal policy from the Biden administration and frankly, none of it is particularly good.
Back to the money story, a couple of key points. First, Jay Powell is right to say the Fed is going to be raising interest rates much more than previously thought. The Fed's monumental error in 2021 of inflation is coming back to haunt them two years later as their quest to disinflate back to their 2% target is a lot harder than they and, quite frankly, Wall Street thought.
What the central bank should want to do is bring down inflation, not kill growth or the whole economy, or middle-class families, or blue-collar jobs. If he'd used the price justification, he'd be on target.
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