Since Federal Reserve officials claimed inflation would be “transitory,” inflation has only continued to climb: we are now dealing with the highest 12-month inflation level in nearly 40 years, with the biggest impacts on consumers and small businesses. Jerome Powell refused to raise interest rates in order to keep his job within the bureaucracy, and now we are faced with the tough decision of how and when to raise interest rates. Will Powell be able to navigate this difficult political and economic landscape? I discussed the topic with Neil Cavuto.