when husband died. It's serving me to the best of Its potential for the last 2+ years until now. The Fed chair should be replaced. They're implementing an archaic remedy and covering for it claiming "inflation". Appearing like 'hogwash'.

Is there another way to fight inflation? To prevent a steady devaluation of the US dollar and therefore purchasing power?

I agree Powell is weak, ineffectual, late to the game. Interest rates should have been hiked 15 months ago, they would not have to rise so much or so fast. But that is the way the Fed has always been run. It responds to the stock market's "taper tantrums" that demand cheap money to fuel rallies. Then they have to pay the piper. Just like they did in 1929, 1968, 1982, 2000.

according to their 'reasoning'.

This move on their part had better not screw with our opportunity to score major successes in November. That troubles me.

Then they should've implemented their 'policy' much earlier. It seems too drastic late in the day.

Fed has a long history of timing moves around elections. Greenspan in particular. Boy did he screw Al Gore with interest hikes in 2000.

Biden has met with Powell, publicly reported. Sounds like Powell was told 'do what you gotta do.' Biden never fears reality. He embraces it. The public is convinced Fed and Administration policy is now fighting inflation hard. I don't think inflation will be a big deal at the ballot box.

Its a huge deal for me. A huge deal for me. My fixed dollar annuity has lost well over 10% of its purchasing power. And unlike stocks, purchasing power does not recover, ever. When its gone its gone, barring a long sustained deflation like we get in a real Depression, which obviously we don't want.

Almost as badly hurt are my other fixed income investments.

Stocks of course, besides having lost nearly 25% year-to-date, have also lost purchasing power beyond that. I expect that will all be recovered and surpassed, but it may take several years.

To be clear, I'm not going to vote for a Repuke because of inflation. And a full-fledged RW yammerhead isn't going to change his/her vote for some RW fuckhead either. But independents / swing voters? Where do you live that rising prices aren't a huge concern? Wages not keeping up with inflation ... shrug? I realize this is DU and we're supposed to be posting how great the economy is doing, and inflation and interest rates are nowhere near as bad as under Reagan, blah blah, but come on.

In a backwater locale, in other words, a world of hedges against the reality we are force fed. Impact so far has been manageable. Gasoline has been the worst impact. Getting all worked up over it won't change it, and much of that is due to Russia's Ukraine invasion.
I can't vote for or against the Fed. Biden doesn't set interest rates, nor does the Democratic Party, and the Republican Party won't be able to help inflation either. Voters may be vindictive, may not be smart at all times, but reality can intrude at the ballot box on occasion.

Edited to add I don't know any election where, when the economy is suffering as much as it is now, the voters didn't vote out the incumbents. ANother edit This election will hopefully be different, given how crazy far the Repukes have gone, e.g. "let 'em die" when a woman is having a medically problematic life-threatening pregnancy, but OTW.

And don't tell me about the job numbers - yeah, they are great but when wages don't keep up with the cost of living, is it really that great? It feels like getting paid in fools gold to me. Is it different in the world of hedges and modest expectation?

Our bus service keeps getting cut because of a shortage of drivers - just one example of the flip side of the jobs situation. And yes, I am worked up about it.

They were used by FDR, Carter and Nixon. Even windfall profit taxes keep tragedies from being worse.

Also the government could hire people and put them to work to get money in the pockets of people who would spend.

So, yeah there is a lot more the government can do but no one ever to talks about it.