The Federal Reserve was very slow in addressing inflation and once it woke up it moved fairly quickly to address it. Some on the far left wanted the FED to do nothing because raising the interest rates would also raise the unemployment rate!
The challenge in doing this was to not plunge the economy into a recession or worse. The FED could always reverse direction on higher interest rates while leaving inflation higher than 2%. But if the FED mandate is to get inflation back to two percent you will get whatever unemployment rate that is required to accomplish this.
And that is all I’m gong to say about that!
Drain the Cesspool 