The fed during the 1970s brought down inflation for a little while, but it spiked again. The hope is that Powell has learned this lesson and will keep interest

The fed during the 1970s brought down inflation for a little while, but it spiked again. The hope is that Powell has learned this lesson and will keep interest rates high enough for long enough to stop it from being more persistent. See: https://www.wsj.com/articles/jerome-powell-should-learn-from-arthur-burns-forward-guidance-tight-credit-interest-rate-hikes-1970s-inflation-federal-reserve-volcker-chairman-11661688352 https://www.wsj.com/articles/jerome-powell-should-learn-from... But then you have those that argue that inflation is a bit more transitory and different than the 1970s, as it is more supply chain induced. And if we keep interest rates high for too long, it will hurt the economy, as cheap money isn't the cause of inflation. See: https://www.wsj.com/articles/inflation-isnt-transitory-but-it-isnt-permanent-either-federal-reserve-interest-rates-oil-energy-costs-prices-11654113873 https://www.wsj.com/articles/inflation-isnt-transitory-but-i...