Why Don't They Just Say It: Stagflation!
Economic growth trickling down. Prices screaming up. That's the definition o' stagflation, but few seem to be willing to acknowledge it, let alone say it.
Well, certain loudmouths have been saying it for a while now.
At least it seems some at the Fed aren't willing to let it slide. Recessions are bad enough without ineffective "liquidity" injections pushing up prices without increasing the kind of productivity-increasing investments that constitute the basis for real, healthy economic growth.
Maybe, just maybe, raising rates will entice some of that hot money out of speculating on non-value-adding commodities. Maybe, just maybe, if people aren't trying to escape the expectations of money losing all its value, they'll put it to better use, rather than simply hoarding what they think will be scarce.