Although the Fed admits they have little understanding about inflation they believe they are now fully on it.
At the same time as they are tightening aggressively to contain inflation, they now seem unaware of the economic track record of doing this in an economic slowdown that Fed Chair Powell says he does not see.
The evidence strongly suggests that tightening into a slowdown will simply deepen the downturn. Now the European Central Bank (ECB) has joined this tragic trajectory, in even more challenging circumstances.
