From WSJopinion: Jerome Powell and his Federal Reserve colleagues can’t be insensate to the risk that their inflation-fighting actions might bring Trump back to power, writes HolmanJenkins
Potomac Watch: Americans need a serious accounting of what happened on Jan. 6, 2021. Democrats assured they won’t get one. Image: Jabin Botsford/Bloomberg NewsBecause inflation is a cost spread lightly over everyone, whereas unemployment lands especially hard on specific individuals and families, it’s natural for economists to urge the Federal Reserve to accept a little more inflation, a little longer, to protect employment and strive for a soft landing.
This is a reasonable argument and many are now making it. The problem is, it will remain appealing after the midterms and is likely to become even more so in the runup to 2024 if Donald Trump is running.
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