this post was submitted on 27 Jun 2023
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Pretty much. Interest rates are a blunt tool. I'm worried we're drifting into stagflation.
Taking your example of housing, raising interest rates just makes it more expensive to own homes and to build homes. People have to live somewhere, and there isn't really any surplus housing. This makes it harder to downsize to reduce housing costs.
So much of what's driving inflation is outside of our control, but not necessarily beyond our influence.