"I mean, the CPI is 8% for cripessake and the Fed pegs its fake rate at 1.5 to 1.75. Yet Wall Street applauds the Fed for getting serious about fighting inflation."
You really need to stop being so critical of the Fed. As you know very well, 1.75 is much much higher than 0.25. I mean, they are making the numbers go up. What more do you want from them? If you start at 0.25, then 1.75 is 600% higher. That's a huge percentification. That's 600 basis points! That's incredible. He's Volcker II. Who other than Jerome Powell would have had the courage to raise rates by 600% in a matter of months?
They could have just left interest rates at 0 and continued QE. They knew enough to stop poofing massive amounts of money into existence! They knew something was wrong! Doesn't that count for something? I mean, nobody knew that inflation was not going to be transitory. Who could have guessed that inflating all financial assets well beyond the realm of reason was going to result in problems? We had a pandemic! We have a Russia thingy. Bitcoin was about to become legal tender.