'A large across-the-board increase in interest rates is a cure worse than the disease.'
One major source of higher inflation has been energy prices, which rose at a seasonally adjusted annual over the last month. There is a reason why these prices are excluded from"core inflation." As the world moves away from fossil fuels—as it must to mitigate climate change—some transitional costs are likely, because investment in fossil fuels may decline faster than alternative supplies increase. But what we are seeing today is a naked exercise of oil producers' market power.
Moreover, given that a large proportion of today's inflation stems from global issues—like chip shortages and the behavior of oil cartels—it is a gross exaggeration to blame inflation on excessive fiscal support in the US. Acting on its own, the US can have only a limited effect on global prices. Similarly, a market economy tends not to adapt so well to big changes like a near-complete shutdown followed by a restart. And that difficult transition came after decades of shortchanging workers, especially those at the bottom of the pay scale. It is no wonder that the US is experiencing a"Great Resignation," with workers quitting their jobs to seek better opportunities.
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