The Fed Is Late to the Party, Why Should It Be Raising Rates?

Inflation is measured by the change in prices for goods and services, so if prices go down, so does inflation. Many people were shouting from the rooftops in 2020 stating that inflation was going to be an obvious result of large government stimulus. The Fed likely should have started raising rates in late 2020 or early 2021 as many people were suggesting. Even those that have long defended Jerome Powell are in agreement that we're experiencing a major policy mistake happen right in front of our eyes.