They went and did it. Jerome Powell went and did it. He raised the Fed's rate again.
The Times: "Federal Reserve officials raised interest rates by a quarter-point on Wednesday as officials tried to balance two conflicting problems: the risk that inflation could remain rapid, and the threat that higher borrowing costs could fuel turmoil in the banking system.
"The Fed's release, which pushed interest rates to a range of 4.75 percent to 5 percent" - with another increase on its way - "was one of the most closely watched in years as conflicting forces left investors and economists guessing at what central bankers would do."
Who was guessing? Powell seems to believe his sole responsibility as Fed chair is wrestling inflation to a floor of 2%, never mind his complementary responsibility of full employment. As Sen. Elizabeth Warren has noted, Powell expects to throw two million Americans out of work so as to hit his inflation target.
I have asked this before. I think it's a fair question. Would you prefer to face 5.4% inflation with a job, or 2-3% inflation without a job? I know which I'd choose.