Inflation started with Biden’s misguided war on US energy, then Biden/Congress helped inflation with an epic spending splurge. The Federal Reserve counterattacked with Fed rate hikes.
Over the past year, The Fed Funds Effective rate has risen and US bank credit has crashed to 2.73% year-over-year.
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See also The Incredible Shrinking Biden Economy! ISM Manufacturing Screams Stagflation, Still Contracting With “Reigniting Inflationary Pressures” (ISM Shrinks For Sixth Month)
Do I detect a trend?
See also NY Fed President John C. Williams: "The Federal Reserve is committed to bringing inflation down. As the Mandalorian would say, Price stability. "This is the way." In "The Rise of Skywalker," Anakin urged Rey to "bring back the balance." The FOMC has been taking strong actions to do just that"
Since 2005, the crash in US bank credit is looking like 2008/2009 all over again.
Whether Biden is Cap’n Crunch or Jerome Powell or Janet Yellen, they are all crunching the US economy.