Here's my 2 cents----The Fed cannot control inflation by raising interest rates, they can only destroy the economy by doing that. The only thing that can reduce inflation is the government spending and distributing more money. Perhaps Powell has some indirect influence there since they can create money.
As these things go, based on what I've seen the last few days, there's a decent chance we will take out today's pre-market highs at some point this week. Not saying it will hold, but I'd be careful chasing a short position. jmho
If inflation runs high, the economy will get crashed anyway. Stopped by a McD over a highway stop, a sausage breakfast meal is 11.99 plus tax. it is just ridiculously high, easily run over 50 bucks for a family of 4. What for? That is not even a real food.