re: Powell: Fed can maintain higher rates for "as long as needed"

Lowering rates to zero was wildly irresponsible. Everyone with a mortgage refinanced, which freed up a tremendous amount of money for consumer spending and/or investing.

On top of that, the wealthier were using free money to hoover up affordable homes to turn into rental units.

That's two (of dozens) reasons why raising rates won't immediately cure inflation. Mostly what they accomplished was to screw first-time homebuyers... who are now renting from all the boomers who bought all the previously-affordable housing.