Jerome Powell continues to battle the wrong inflation culprit

It's going to cause massive and unnecessary pain

Today at Jackson Hole, Wyoming, Fed chair Jerome Powell said that the Fed must continue to raise interest rates, even though it will “bring some pain to households and businesses.”

This, with all due respect, is nuts.

True, inflation is near a four-decade high. But the Fed’s aggressive effort to tame it through steep interest rate hikes — the fastest seri…