Hard to have faith in the Fed’s new religion

The Fed has found a new religion. Seen the error of its ways. The most powerful man in the financial world, Jerome Powell, has come to realize that perhaps endless injections of monetary stimulus and artificially low interest rates might have some negative side effects after all. Like the highest inflation in 40 years. But Powell and the Fed governors have seen the light. From now on, their approach to monetary policy will be different. Strong asset returns are no longer a priority. Reining in inflation is all that matters.