Usually raising rates would slow inflation.

But rates don't work like that any more, its been this way for 4-5 years now. They thought they knew what was going on "raise rates", lower rates ... but to continue the gravey train rates had to keep dropping. Once the rates were 0% everything we thought we knew about monetary theory/policy went out the window.

This graph really tells the whole story of how Boomers have put the burden of $40Trillion and growing on the backs of younger generations..

They don't know what they're doing ...

Currently too much money is in the system the system can't respond normally to this change (much like BidenBorderBonanaza), median wage is almost ~$90,000, what happens next is anyone guess.