It is the high season for being mad at the Federal Reserve. Critics accuse them of beingfeckless as inflation pressures built last year, and as a result, the United States is facing prolonged high inflation, a painful recession to rein it in — or both.
Why it matters: In reality, the Fed didn't create the current inflationary surge by itself — but it was too complacent as prices spiked last year. Now the economic future depends on its ability to make up for lost time, and navigate a tightrope-thin path to bringing inflation down without tanking the economy.
