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I'm guessing all the Macro Economists in the House GOP will disagree with this statement.
Powell has been extremely clear: he considers rising wages to be the most significant driver of inflation, therefore he wants to end the labor shortage because it gives the toiling classes too much leverage. To do this he is intentionally slowing the economy by cranking up the cost of capital.
Powell says rising wages are fine as long as they do not exceed his target 2% price inflation rate. In other words, working people will be allowed to make slightly more money as long as they do not get any advantage from it. Jerome Powell considers the labor shortage and resulting higher wages to be a sort of extortion. Free market my ass.
How in the fuck is that not political? An unelected banker decides unilaterally that you should not be paid more, just because there is higher demand for your labor than there used to be. Why should no one interfere with that? >

Its demonstrably false to think raising wages is the main driver. Its obviously corporate profits. The federal reserve is a stupid way to handle the US monetary system. >

If this was true, the fed should of started the rate hikes years ago. Powell is all politics. >

right, like when trump pressured the shit outa him >

Exactly, well before covid.