Nobody can possibly "control" inflation. They do have the single biggest mitigating tool and, more importantly, operate largely independent of political influence and election cycles. The result is a swirl of media attention. Congress could fix inflation, but getting them to do it is such a slow and uphill battle, that nobody bothers asking them. During the 2007 crisis, every time Congress dragged Ben Bernanke in to testify he spent most of time begging Congress to take action because the Fed was nearly powerless. But berating him is a lot easier than writing bills.
Isn't it interesting that the biggest mitigating tool is "loosening the labour market", which is thinly veiled code for "make people unemployed so we can pay them less", despite the fact that corporate profiteering and not wages are behind most of the recent inflation:
Maybe claw back the money supply from corporations instead of the labour market. If instead of having only one tool, they also had this complementary tool, maybe we'd see better policies.
All things the Fed has zero authority over. That article says it has policy suggestions and then has a single half-baked thought at the end over what that policy might actually be. Right now, unemployment remains rock bottom. Fed policy is to raise rates until inflation comes down with as little impact on unemployment as possible. That's exactly what they're doing. Idk what else you expect them to do. Cut rates? Like they've been doing in Turkey?
