Jerome Powell just admitted that the Fed has lost control over inflation. With inflation out of control, the Fed is no longer able to bring inflation down without causing a recession. Congress will have to step in, but so far, the US Congress is putting the entire burden of bringing inflation down on the Fed. Unfortunately, Jerome Powell just announced that the Federal Reserve does not have the tools within monetary policy to bring inflation down. It’s now up to Congress to enact fiscal policy to help fight inflation. But it gets worse. Jerome Powell also warned of unemployment rising and housing prices falling. Here’s everything Jerome Powell just said – explained in a way you can understand it.