Unlike this robber baron from the KC Fed, I remember that the Fed has a dual mandate: prevent inflation and unemployment. They’ve been under the spell of theories that say zero inflation will create employment for a long time now, but in reality this is just a pro-creditor, pro-rentier, pro-wealthy, anti-employment monetary policy built on fantasy economics that only people who read Ayn Rand novels believe. These people are simply dedicated to destroying the middle class. It’s a class war.
Imagine if the Pentagon decided that it was no longer going to defend us against air attacks because those are all meaningless without ground forces.
There is no data supporting any risk of inflation in this country, even if you believe that mild inflation is bad (I don’t) or that you can’t have mild inflation without hyperinflation (you can—see the post WWII boom).
A very simple way to ease the pain (not that they care about our pain) would be for the Fed to buy huge amounts of state and local government debt, thereby driving the price down and helping alleviate the need for budget cuts. Of course, you know, it would be immoral for billionaire bankers to support these greedy public sector workers making more than minimum wage.