A simple model for inflation that Jerome Powell should understand

Federal Reserve chairman Jerome Powell today acknowledged that he doesn’t understand inflation. See below.

This is somewhat alarming given the fact that the Fed’s is given operational independence to ensure price stability.  If Powell doesn’t have a model for understanding why should the Fed been independent?

Lars Christensen 29 June 2022

https://marketmonetarist.com/2022/06/29/a-simple-model-for-inflation-that-jerome-powell-should-understand/

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