We are seeing a result of trump's pressure on the FED to pump and print during his economic boom and then during the pandemic. The Trump economy was a fake artificial mess created by the FED being pressured by the Executive to keep pumping.
Ironically, none of this is Bidens fault. However, the root cause of this is trumps progressive actions that were taken 2 years ago, so the ruling progressives won't dare point that out.
Remember, Volcker had to raise rates to 16%+ to stop inflation in thr early 80s. That's not going to happen. In fact, in response to a recession, I believe the fed will stop raising rates or start cutting rates again.
The factors for hyperinflation have been set in motion. Our leaders don't have the courage to tackle this head on by raising rates to at least above the inflation rate.
They are going to cling to the Philips curve and MMT until our whole civilization is burning to the ground.
The whole western world is going to have to take a step back and endure some pain for a while.