Not so much in anger, but in regret. Unemployment is the means to the end of taming inflation. https://www.bloomberg.com/news/articles/2022-08-26/read-fed-cha

Not so much in anger, but in regret. Unemployment is the means to the end of taming inflation. https://www.bloomberg.com/news/articles/2022-08-26/read-fed-chair-jerome-powell-s-speech-at-jackson-hole-symposium?leadSource=uverify%20wall https://www.bloomberg.com/news/articles/2022-08-26/read-fed-... "Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses." "The labor market is particularly strong, but it is clearly out of balance, with demand for workers substantially exceeding the supply of available workers." He is deliberately engineering a recession to reduce aggregate demand. With luck, the recession will be soft. The goals are reducing labour cost inflation via reduced hiring and increased layoffs, which then leads to reduced consumer price inflation via reduced consumer spending due to budget constraints and negative sentiment. Standard macro 102. I'm sure if he could increase labour supply via monetary policy, he would. But he can't, so reducing labour demand is the plan.