Joseph Stiglitz: *Although it is anyone's guess what will happen next with inflation, the data show that there is no reason to react rashly with large across-the-board interest-rate hikes. The economy is working through an unprecedented transition that could ultimately be a boon for workers; but only if policymakers let the process play out.*

We objected when Biden reappointed Powell as head of the Federal Reserve because we knew Powell was likely to do things like this. Now, instead of letting Powell be Biden's shield, we must blame Biden for choosing the course that the Federal Reserve is now implementing.