Federal Reserve Chairman Jerome Powell and the Fed board he dominates would like to raise interest rates further, but the failure of the Silicon Valley Bank (SVC) gives them pause. They know that higher rates would add to the damage they have done already with seven rapid fire rate increases in 2022. Why is the Fed so intent on hiking rates when report after report shows that inflation is coming down? The answer is that the Fed’s monetarists believe that slowing the economy is the way to fight even this COVID-related inflation, and that the Fed’s original role as supervisor of the private financial system is essentially unneeded — until as the SVB case shows, the Fed’s laissez faire
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