Who's achievement? This was a supply chain shock caused by COVID and war in Ukraine, then piggybacked by corporate collusion / greedflation.
Taising of interest rates achieved nothing, possibly made it worse by decreasing money supply avaliable to address supply chain bottlenecks. There is a good nimber of economists that support this viewpoint:
We are entering an era where economic dogma is anti-physical - when there is a shortage of energy our governments hike interest rates instead of adressing root of the problem, like building power plants or improving efficiency.
Who's achievement? This was a supply chain shock caused by COVID and war in Ukraine, then piggybacked by corporate collusion / greedflation.
Taising of interest rates achieved nothing, possibly made it worse by decreasing money supply avaliable to address supply chain bottlenecks. There is a good nimber of economists that support this viewpoint:
https://www.cnbc.com/2022/09/02/joseph-stiglitz-thinks-furth...
We are entering an era where economic dogma is anti-physical - when there is a shortage of energy our governments hike interest rates instead of adressing root of the problem, like building power plants or improving efficiency.