He's not making an argument. He's stating the obvious. With zero sense of shame and humility. Right? So to what end? FFS, this isn't a random fluff piece on Medium. It's from the most power financial organization in the world. And we're supposed to get just nod and get behind this?

I'm not speaking to the individual per. He's simply another (over-educated) representative of a mindset that creates more problems than it solves. The Fed coming out in Sept of 2022 and proposing the "argument" is comical at best. Apparently, not a single history course is requited to get those flashy degrees, nor is staying up on current events. Instead, they toss this out as something insightful and profound in a "oh we didn't see this coming sorta way"? Only the naive would buy this.

The bottom line: The Fed is making decisions without a sense for the broader context and/or broader impact is negligent and irresponsible. This is too little too late.