More from The Fed column

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How Jerome Powell may try to calm the market’s frazzled nerves

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Americans plan to boost spending in 2022 — and not just because of inflation

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Here’s where Fed voters stand on raising interest rates and reducing $8.8 trillion asset stockpile

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Fed to use upcoming policy meeting to get ducks in a row for March liftoff

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4 mistakes the Powell Fed made — from a former insider

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Fed’s Williams sees inflation subsiding this year aided by a slowdown in growth

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Biden unveils three nominees for top Federal Reserve posts as bank plots to lift interest rates

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Outgoing Fed official Clarida sticks to his guns and says inflation will prove ‘transitory’

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Fed’s Evans sees tide of inflation turning this year

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Richmond Fed’s Barkin said interest-rate hikes to depend how quickly inflation slows

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Brainard says Fed won’t ban bank lending to oil and gas sector or gun manufacturers

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Fed’s Harker sees ‘fair amount of tightening’ this year

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Fed’s Mester backs shrinking balance sheet ‘as fast as we can’ without pushing markets off track

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Fed’s George urges faster drawdown of $8.5 trillion in assets and ‘more normal’ interest-rate strategy

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Powell paints the picture of a soft landing, says Fed can cool inflation without damaging labor market