Everyone in Washington loves the Federal Reserve when the cost of money is zero. But when interest rates rise amid high inflation, affection is in short supply, as Chairman Jerome Powell learned before the Senate Banking Committee on Wednesday.
Republicans made him sad for letting inflation get out of control, which is fair enough. “Clearly, you are aware that you are going to be the person who takes the fall if inflation is not brought under control,” Sen. Mike Rounds (R., SD) told Powell, who has vowed to stay on the Fed’s new anti. -Inflation course.