Last Wednesday the Fed announced a substantial policy shift to what Federal Reserve Chair Jerome Powell calls "Average inflation targeting" in a so-called "robust updating" of Central bank policy. That means the central bank will allow inflation to be “moderately” higher than the Fed’s 2% goal “for some time”. Who would have thought that having 22% of US dollars in circulation printed in 2020 alone would maybe, somehow cause higher inflation? For years, the Fed has knowingly downplayed the true effect of inflation, but the costs of daily living for the bottom 50% of the US population which holds 1.9% of all American wealth, continue to rise. However, we are also currently experiencing the lowest rates ever, in all of recorded human history, meaning the Fed has even less ammo to keep the US economy growing. Of course, Powell who practiced as a lawyer, and later a partner at The Carlyle Group needs to keep his friends happy. After all, he is likely going to cash out his chips and get a comfy position as a consultant similarly to the last Fed Chair Ben Bernanke, who is now a consultant to Citadel, which received at least $200 million dollars under his watch in 2008.