The Federal Reserve is in the early stages of tightening monetary policy to fight inflation. Most Fed watchers expect rate hikes of 50 basis points in June and July and more thereafter. Quantitative tightening to shrink the Fed’s balance sheet will also begin soon.
As always, the Fed will be judged on its performance by market reactions, commentary and some members of Congress. In fact, grades are already pouring in, with an overwhelming majority giving low marks to the Fed for not tightening sooner. In technical jargon it is “behind the curve”.
https://www.wsj.com/articles/inflation-isnt-transitory-but-it-isnt-permanent-either-federal-reserve-interest-rates-oil-energy-costs-prices-11654113873 Inflation Isn’t Transitory, but It Isn’t Permanent Either