Fed chairman Jerome Powell yesterday after announcing a one-quarter rise in the federal funds rate target to a range of 4.5% to 4.75%:

“It is our job to restore price stability and achieve 2 percent inflation for the benefit of the American public.”

Just to make sure we are straight on this: That means no climate policies and no Phillips Curve nonsense, right?

The Fed funds rate is now its highest rate in 10 years. For too long the near-zero interest rate policy by the Fed pumped cheap money into the inflation bubble. Now we pay the price.