Powell's Understanding of the Inflation Problem

Powell has always expected inflation to drop off year over year because eventually baseline effects would just do the work for him. All he had to do was cut the froth off the top of the credit markets and inflation in the United States would come down as the Biden administration manipulated the price of oil down. The problem, of course, is that for a guard, she's been the one that has to admit she has an structural inflation problem. She can't get rid of it.