The Federal Reserve Does Not Have the Will to Get Tough on Inflation

Jay Parini: We are in an inflationary cycle where I believe the Federal Reserve does not have the resolve to get tough on inflation. He says we're being told that 2% inflation is the target and that is good, but it's probably two or three times that. Parini: If rates rise as the antidote to higher inflation, the inversely correlated effects of stocks, bonds, and real estate will be a spiritual religious experience for people in this country.