The Federal Reserve has been hiking interest rates at the fastest pace in about 40 years. KevinTDugan writes that the Fed is trying to show that it has the wherewithal to right the economy without blowing it up
Photo: Liu Jie/Xinhua via Getty Images It is not the job of the chairman of the Federal Reserve to provide comfort to the American people. For anyone living under the heavy burden of life in this economy, finding it difficult to afford a place to live or groceries to cook, Jerome Powell’s speech today — an unusual update from a central bank head at the annual Jackson Hole, Wyoming, retreat — would have been especially cold comfort.
The operative word here is greater. In the eyes of the world’s most powerful central banker, there is no good solution here. Powell’s main tool right now is raising interest rates, and the Fed has recently hiked interest rates at the fastest pace in about 40 years. Powell made it clear that he is going to keep on sucking money out of the financial system until inflation is good and dead.
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