The Fed Chairman's Promise of a Return to Artificially Low Interest Rates

It makes no sense for a Fed chairman who really is concerned about inflation to be talking about cutting rates next year. What Powell should be saying is there are no rate cuts anywhere in sight. A 5%, 5.25, 5.5% Fed funds rate is not low historically. The reason inflation broke out to the highest level since the 1970s is because we kept interest rates for so long.