> I'm skeptical that interest rate hikes will curb inflation. I'm even skeptical that a recession will curb inflation. They won't, but the Fed has to do them a

> I'm skeptical that interest rate hikes will curb inflation. I'm even skeptical that a recession will curb inflation. They won't, but the Fed has to do them anyway. That's the nasty situation we're in: current inflation is mainly being caused by supply shortfalls, which can't be fixed by interest rates short of massive demand destruction with a recession, but if the Fed doesn't do anything we could transition to a regime where the inflation is expectations-driven instead. That's the really bad kind of inflation which becomes self-reinforcing and hard to stop without completely Volckering the economy. There are no easy answers here, but doing it is better than not doing it.