Fed wants to have 2% inflation like 4 years ago. But JP doesn’t have the guts to hike rates high enough to tame inflation. In fact, he seems to give up on hiking rates. Meanwhile JB is celebrating his Bid*^^nomy with massive deficit spending. Historic low jobless rate with labor strikes for high wages. How is it even possible to meet 2% target then?
They will rig the data and make it 2%. In the Fed always wins
JPow caused this entire mess by kowtowing to Trump’s demands in the first place. He then started squealing about how since “America is special, it won’t face inflation from literally printing money” as justification. A supposed PhD in economics. And then all the “experts” started repeating the same thing and so did every armchair expert like a bunch of herd animals. I don’t even know how he managed to keep his job. I would have fired his ass so quickly.
"printing money causes inflation" is simplistic econ 101 level of understanding, there is a lot more nuance and none of it is clairvoyance COVID was a historic never before seen event in modern globalized capitalism, it messed with consumer demand, with production and all markets in not easily predictable ways. It's a lot harder then well duh we printed some money. We also printed trillions during previous administration and saw no inflation. Also, before downsides of slightly higher inflation there were more immediate and pressing concerns of saving the economy from collapse when nobody leaves their homes for months at a time and nobody knew how to respond as it's never been done before.