[RspecMAuthortah]

I think Fed lost any credibility it had left after Greenspan. Now it's just a steep slide down. I mean, rates should have been raised in 2011. Remember when Powell tried this whole saga he is trying to do now back in 2018, there was a repo market shock and they had to backtrack. There is no way Fed can maintain its dual mandate of maximizing unemployment and keeping the inflation low. Because right now the US economy is about to enter a recession in response to a 0.75% interest rate hike so far, which is far less than what we need to do to curve inflation of 8%. A recession certainly means loss of jobs and there goes their dual mandate. There is no soft landing here as they are aiming hard, just as a year ago the inflation was not transitory yet they kept saying it.

If a Fed agency clearly does not satisfy its mandate that it was set out for, then what is the process of ending it? Can the public bring a Supreme Court case against the validity and thus force congress to dissolve? I mean we can't surely expect our incompetent representatives of congress to force any action when there is a revolving door between their sponsors like Citadel/Goldman/Pimco and Fed officials they advise and appoint.