Agreed 100%. The fed has been trying to create inflation for 30 years and has not been able to do so. Its about time to admit that monetary policy doesn't work

Agreed 100%. The fed has been trying to create inflation for 30 years and has not been able to do so. Its about time to admit that monetary policy doesn't work the way it supposed to according to the Monetarist School. But, I will take it a step further, by saying this: raising interest rates can perhaps can have an inflationary effect. How is that ? Well the federal government is a net payer of interest. Interest income flowing into the private sector from the government goes up when rates go up. So maybe the fed is actually stepping on the gas pedal rather than on the brakes when they raise rates. This is why we call them dismal scientists.