No one can say that the Federal Reserve can't do the impossible. At long last observers from across the political spectrum agree on one thing – that Jerome Powell and the Fed are well behind the inflation curve and have a lot of catching up to do. These days, that's virtually impossible.
Consumer prices are up 8.5% from a year ago, the largest increase since 1981. And while the Fed is talking tough and lifted the funds rate by a quarter percentage point in March, monetary policy remains very loose.
