Are We at the Risk of Overdoing It?

The head of the Senate banking committee penned an open letter to Jerome Powell where he expressed concern about the Fed's focus on inflation at the expense of growth and employment. He was basically arguing that every time inflation prints a little bit to the high side, the Fed can't just say, well, that means another 75. And so as you get closer to your estimate of the peak rate or the terminal rate, it's natural that you're going to see these debates happen more. Lael Brainard gave a speech at the NAB conference in Chicago where she laid out the case for maybe doing less. She pointed twice in that speech to the lags of monetary policy. Charlie Evans, the

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