Fed Admits It CAN’T Tame Inflation, Promises More Economic Pain Anyway

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(Activist Post) Federal Reserve chairman Jerome Powell is talking tough and warning of more interest-rate pain to come. At the same time, Fed officials are now admitting that their sized-up rate hikes won’t even be sufficient to tame the price inflation they have helped create.
That’s because fiscal policy under the Joe Biden administration has gone off the rails.
Over the weekend, the Federal Reserve Bank of Kansas City released to the public a white paper titled “Inflation as a Fiscal Limit” for purposes of shifting more blame to elected officials.
The paper states that this year’s inflation spike “could not have been averted by simply tightening monetary policy. The conquest of post-pandemic inflation requires mutually consistent monetary and fiscal policies to avoid stagflation.”
In other words, the Biden administration’s expansionary fiscal policy is working at cross-purposes with the Fed’s attempts to tighten monetary policy. The consequence will be economic stagflation…Read the rest