The Labor Department last week confirmed what you already knew: inflation is way too high. You may still be wondering what the Federal Reserve’s plan is to bring it down. You’re not alone. The Fed doesn’t seem to know either.
For the past year, the Fed has taken rate adjustments from meeting to meeting, focusing on minor differences about what it might do next. Meanwhile, prices continue to rise. The economy now faces a serious risk of persistently high inflation. To avert such a catastrophe, the Fed needs a systematic strategy — including contingency plans — and it needs to explain to everyone what that strategy is.
https://www.wsj.com/articles/the-fed-cant-reduce-inflation-by-winging-it-jerome-powell-real-nominal-rates-taylor-rule-benchmark-price-stability-stimulus-wage-expectations-11663603914 The Fed Can’t Reduce Inflation by Winging It