Jerome Powell is the biggest phony inflation fighter the country has ever seen.
He was appointed by Trump! So much winning!
Core pce inflation previously exceeded the ten year yield in 1974-75 and in 2012 (barely).
The Fed's primary inflation-fighting tool has been the Federal Funds Rate, but it let inflation run wildly out of control before even lifting a finger to stop it in March 2022 when the Fed finally acted and started raising the rate.
It is a shameful episode which has benefited businesses which hiked prices higher than inflation to goose profits, and the federal government which desperately needed to devalue its mounting debts, all at the expense of the average American.
The lack of outrage over this is a study in the depth of American servitude. Slavery didn't end in 1865 for African Americans. It became the common lot of us all.
