The Misery Index, inflation plus unemployment, is over 10% at 10.80%.
Unemployment has been steadily declining since the COVID shutdowns of 2020. The real culprit has been rapidly rising since COVID as well. At this point, inflation improvements (that The Fed is chasing) have been overwhelmed by inflation (which is being caused by The Fed’s monetary policy and Federal policies).
Powell has said that he is not going to raise rates until unemployment has improved, but risk more explosive inflation in striving to improve unemployment.
How I feel about Biden announcing Powell’s reappointment and uber-dove Brainard appointment as Deputy Fed Chair.