The Fed Funds rate was 0.25% one year ago, now it 3.25% or >10x higher…

0.25% was never sustainable and everyone not on the take was sending the alarm in the teens . Had the fed taken the bandaid off faster following 08 they would have had the tools to support the economy without needing to pump trillions of dollars in during COVID. Now the Fed’s in a corner and if they don’t continue squeezing we’ll see 40% inflation in no time, if they do we’ll see mass suffering in 50-90% off the population. Perhaps a retroactive excess profits tax, land value tax, meaningful inheritance tax, nationalization of healthcare, mobilization of a CCC to build infrastructure/provide jobs, and massive housing build out, could ease the suffering. Alas, each of these individually are helpful enough to the common human as to be non negotiable for the half of Congress committed only to themselves and their puppeteers.

Fed quickly pumped trillions of dollars to stock market, because it is good for the wealthy. Keeping interest rate above inflation is good for common people so it is not as important.