Is the Fed a De Facto Default?

The Fed's got this sort of complex responsibility. We may have a recession at relatively high and above target continuing levels of inflation for the Fed. And although central bankers say we understand everything now, we don't necessarily understand better how to deal with the public when you're caught between the price of theprice of the price. If I raise interest rates, it's going to make the recession worse. If I don't raise interest rate, we've got inflation. It's a very complicated set of circumstances.