After this episode, I strongly believe Fed should be ended. They have established a very poor track record on managing monetary policy and consequences and at this point basically have zero public trust. Since Greenspan Fed has been an absolute disaster. They hiked too little, too late. Now there is no such thing as soft landing as they are espousing just as their messaging around the whole transitory inflation thing.

Institutions such as Fed are now completely detached from their mandate and instead under bureaucratic capture devoid of any meritocracy. There is a revolving door between Fed officials and Banks/capital management firms. Bernanke, Powell, Kashkari, Yellen, Brainard - these are poster children of corrupt kleptocracy with revolving door arrangements between Fed and firms like Citadel, Goldman, Pimco. At least Bernanke had economic background. Powell doesn’t even have so. And his messaging has been super confusing with very little forward guidance which constantly confuses the market. I am not sure what qualifications even they attach to these utterly detestable individuals working for Goldman, Citadel, Pimco, and Brooking when they hire them. Oh let me guess, they work for the same people that fund our executive and legislative branch officials.