Ostensible the Fed is supposed to be an independent inflationary guard. (Yes, dual remit, but fair as a blanket statement) They could raise interest rates to b

Ostensible the Fed is supposed to be an independent inflationary guard. (Yes, dual remit, but fair as a blanket statement) They could raise interest rates to break inflation, even at the cost of economic pain and forcing government to rebalance its books. Nobody was happy with Volcker, but once inflation gets rolling, no one believes you're serious until you take a tire iron to the economy's kneecap. And tell them (loudly) that you'll be back tomorrow for the other one. Or, you could take less pain now and avoid the worst future version.