Federal Reserve Chairman Jerome Powell and his colleagues have made major mistakes in their battle with inflation.
They instituted the fastest increase ever in interest rates despite evidence that many of inflation's drivers, such as shipping logjams at the ports and the Russian invasion of Ukraine, were immune to interest rate changes.
They ignored the contribution of corporate profiteering, despite data clearly showing that business profits were expanding sharply — in other words, businesses were raising prices far more than they needed to cover rising costs.
