From WSJopinion: Rather than work out solutions to the budget deficits and indebtedness that exacerbate inflationary pressures, Congress seems incapable of making hard political choices, writes judyshel
press conferences following monetary-policy committee meetings, the central bank’s Chairman Jerome Powell has said: “Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy.”
Fiscal transfer payments, such as stimulus checks and expanded unemployment insurance, ignited the high inflation that leads the list of American economic concerns. According to a recentprepared for the Fed’s Board of Governors by its own economists, the buildup of household income through government transfers during the pandemic subsequently fueled spending. “We estimate that U.S. households accumulated about $2.
Seeking below-trend growth and higher unemployment to deal with the lack of goods and services in our economy may strike some as a questionable strategy for the Fed. Even more questionable are the mechanisms used to conduct monetary policy. Despite Mr. Powell’s assurances that the Fed has the necessary tools to restore price stability—defined by the Fed as 2% inflation—there is reason to doubt their efficacy.
It’s too bad that respecting the Fed’s independence prevents Congress from looking more closely at this tool aimed at preventing
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