1. The Fed blame game

Illustration of hands pointing at one another, collaged with money elements.
Illustration: Shoshana Gordon/Axios

It is the high season for being mad at the Federal Reserve. Critics accuse them of being feckless 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.

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