Americans don’t agree on much these days, but there seems to be one thing we strongly agree on: Inflation is far too high. A recent Gallup poll found concern with inflation easily topping the list of the nation’s economic worries.
It also tops the Federal Reserve’s worry list, and Chairman Jerome Powell has pledged to “use our tools” to bring inflation down. “Use our tools” in this context is a euphemism for raising interest rates. But what, specifically, is the Fed trying to accomplish with higher rates? And are its tools enough to do the job?
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