by kleinbl00

I will leave the rest of Brainard’s speech for you to read. I disagree with her on key parts, underscoring how far monetary policy is from a reckoning. It is mindboggling that the Fed continues to obsess over inflation expectations when there is no evidence that they are de-anchoring. Surveys show that Americans remain 'Team Transitory.' Yes, the unelected, unaccountable people at the Fed calling the shots and elite macroeconomists have de-anchored. But they’re not representative of Americans.

Listen to the people.

Fiscal policy as a solution is completely missing. We must bring fiscal into the discussion, and it’s not here or in the elite macroeconomic discourse. The current crises are a wake-up call that resilience against inflationary pressures requires fiscal policy too. The Fed is not enough. Only Congress can take key steps, such as green energy investments in the Inflation Reduction Act and the onshoring programs in the CHIPS Act, to protect against spikes in future inflation.

Claudia Sahm chooses to be an Area Substacker rather than working for a big dumb right wing think tank.