What’s the mismatch? Biden got a trillion or two in handouts and Powell bought up all the bonds. Now Biden is taking a step back (not completely but not another trillion) and Powell said he’ll start selling.
They decided to test MMT and it failed so badly.
> They decided to test MMT and it failed so badly.
Not giving either one a pass though because Biden reappointed Powell and failed to give Powell the political direction to raise rates late last year when it was obvious inflation was anything but transitory.
That's the theory anyway.
The fed chair is appointed by the president and still has some accountability to the political machine. It is independent in many ways but it is not truly independent.
> Its mandate is to keep inflation and unemployment in check
Yes and now it is also trying to fight climate change, wealth gaps, and other "ESG" goals.
For anyone interested trillion dollar triage is a great book.