Elizabeth Warren said the right thing on MSNBC this morning and said that the "Fed" (Powell) has no clue, because he looks at one element only. Right now the "inflation" is driven by lots of elements which are being "misused" to corrupt the pricing of plenty of goods. For instance the Euro and Dollar are on "par" (equal) which actually means that the imported goods from Euro countries should be cheaper; however the transportation cost of these goods is more expensive because of the oil. So in the end the cost of these goods should be about equal; however going to the Publix the prices are doubled of imported goods of Europe (like Unilever) , which is "price" couching. Even not imported goods are much higher. Take eggs for instance; then only the transportation and "feed" should count if the feed is imported as well they may get subsidies from the Government, but they "doubled" the price. Thus in other words the "government oversight" is lacking in an huge way. Typical here.
For lots of products there are other elements at play such as "base material" escalation cost, "development" cost, "production cost", "packing cost" and transportation cost as well "overhead cost". Here you can add "kickback" cost to the "supplier" and "lobbyists". No wonder goods are cheaper in Europe, especially "drugs".
So "Powell" is not doing his job as he should. ( Not everything is "tied" to "oil"or the Ukraine)
Another thing which is affecting people here is the "interest rate" increase. Especially it has an effect on the "housing" market for the "mortgages". It did affect already the"sales" and the lowering of the "value" of your property. Thus thank you very much Powell. It certainly does not "improve the "economy" or the "cost of living" here. As long as not all "elements" of the " economic downturn" are not reviewed, then forget that the "interest rate" increases will help this situation at all, but work opposite instead. In the "past " these things "worked" to fix it, because of high "unemployment", which is now certainly not the case.
Sorry but it will make things worse instead, because of the "interest" people have have to pay on their mortgage, then less money is there to spent on other commodities (as well the "sales value" of their house drops), thus the "economy" will slow down as well the "un-employment figures" will rise, because companies will earn less and may lay-off people. An "loosing" proposition for sure.