Comment by lg

As if the workers don't care about inflation and it doesn't affect their financial stability? At the lower wage end these price increases are eating up all of their nominal wage growth and more. There is a reason this inflation has become such a major political issue, people are angry about it. So yes, slowing the economy will slow down business demand e.g. for oil and that will bring some stability to gasoline prices. Powell's wishlist I'm sure is that companies will be able to freeze wages and stop new hiring for a while but avoid mass layoffs. That may not work out but the conspiracist mindset is absurd.