Impoverishing the American people is the worst way to deal with inflation.
It is now clear that the Fed is being far too aggressive with its rate hikes. The current spate of inflation is overwhelmingly being caused by factors outside the Fed’s control, and these blistering hikes may have already tipped the American economy into recession. But if it simply backs off, there is still a good chance that inflation will cool off of on its own.
detailed, the source of inflation has shifted considerably over the last year. At present, it is primarily coming from three main sources: energy, housing and groceries. The reason for rising costs in these areas aren’t ones that interest rates will likely affect. First, the Covid-19 pandemic caused enormous disruptions to economic production throughout the world, which will take years to repair. Those disruptions are ongoing in the largest manufacturing nation on Earth, China, thanks to its strategy of suppressing the spread of the virus with
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