The Fed's Loss of Faith in Forecasting Inflation

I think politically, they need to say that they conquered inflation and that everything's going to be okay. They've essentially what my work uncovered is that almost all QE is just the monetization of interest payments. The banking system blew up because obviously you have amateur local banks out there not knowing how to manage. And it's not really their fault. It's just very hard to manage an interest rate portfolio when the Fed goes crazy the other way around you.