Fed confronted with more widespread inflation

The inflation problem is doubly complex for the Fed to address. It is complicated from an analytical standpoint as the shock is so unusual (pandemic, shortages) and even more so from the political standpoint. The Fed is the target of criticism from all sides as though its past action (or current patience) was the sole culprit for soaring prices. If many commentators are to be believed, it is an institution full of inept and indecisive policymakers. It is easy to advocate monetary...