The Fed's Argument for Tightening the Fed

The Fed's argument is that they think they can tighten the way they are tightening because there were so many job openings left over after the pandemic. The people are filling those holes rather than unemployment rising. There does seem to be also, because it was so hard to find workers, a labor hoarding thing going on where companies are reluctant to let people go. So the Fed is maybe gambling at this point that they can get away with this, but it's paying off.