The Federal Reserve blaming inflation on a tight employment market where employees can demand a living wage is such complete bullshit. The excess profits of a single oil company, beyond the “inflation” costs (which they created) is more than all the increased wages of every minimum wage worker combined. If the oil companies and every other company actually just priced in the inflation costs and kept their profits the same, inflation would slow and normalize to a stable market.
The Federal Reserve believes that raising interest rates is the anti-inflationary mechanism, but raising the cost of money is in itself inflationary. Duh.
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