The Inflation Problem Predated the Oil Shock by Five Years

Powell has done us all a service by proving milton freedman was right, that if you have this kind of a monetary poliicy, there will be inflation. If the fed doesn't tighten aggressively, and credibly enough, it only needs he shock on top of that to get even higher. Real rates are strongly negative, as negative as they have been in decades. The challenge for powl is how does he cool things down without actually crashing the economy into recession?