Everybody in Washington loves the Federal Reserve when the cost of money is zero. But when interest rates are rising amid high inflation, affection is scarce, as Chairman Jerome Powell learned before the Senate Banking Committee on Wednesday.
Republicans gave him grief for letting inflation get out of control, which is fair enough. “Clearly you are aware that you are going to be the person that takes the fall if inflation is not brought under control,” Sen. Mike Rounds (R., S.D.) told Mr. Powell, who promised to stay on the Fed’s new anti-inflation course.