And serious reductions in easy credit are also unlikely, making it difficult to get inflation under control.
"That probably will be the price paid to get inflation down."
Getting inflation under control also cost the jobs of millions.
When you get inflation that immediately reflects in interest rates.
The second half of the money would be sent after initial progress in getting inflation under control.
"We're looking at finally getting higher inflation and interest rates," he said.
As everyone knows, one of the Administration's earliest priorities was to get inflation down.
Getting inflation down from here by raising rates is suicide.
To get inflation down further, the economy must grow at a rate below its potential.
I don't think the Fed will run a policy to get inflation down to zero over the short term.