The Fed Wants People to Stop Spending

If the Fed wants to make headway in fighting inflation, people have to leave those credit cards in their wallets. The last thing we want is for people to stop working because if we have an inflation problem, that means we have too much money and not enough stuff. We don't want to just throw people out of work so they can keep on spending without producing. And that's what's happening. People are losing their jobs and they still spend. So these numbers show you that there is no progress being made on inflation.