The Federal Reserve passes the buck on inflation
CNN
The mission of the Federal Reserve is to foster the stability of US monetary systems. It's the reason the central bank was created in 1913, and it's the reason it still exists today.
So when inflation threatens to potentially destabilize the dollar, it's the Fed's job to spring to action. There are a number of tools at their disposal, but the most effective in this situation is to cool the economy by raising interest rates. With inflation rates in the US now at 40-year highs, that's what the Fed is doing.
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