There's nothing to suggest that this will lead to price controls. Anyone telling you this is either being disingenuous or doesn't understand macro-economics.
The Fed arbitarily determines the single most important price in the economy: the price of money. Anyone telling you otherwise is either being disingenuous or doesn't understand macro-economics.
The cost of money is interest minus inflation. While the fed has demonstrated a strong influence on interest rates, they have been unable to exceed or even hit their own 2% inflation target with any consistency since it was established in 2012. “Control” is perhaps too strong a word.
There has been much discussion about the flattening of the Phillips Curve and the economy’s deflationary drag during the past decade. Some explanations revolve around market expectations for inflation. If the fed has to react to changing market expectations for inflation, is that “control”?
On another note, haven’t “Austrian economists” been calling for economic collapse, hyperinflation, and
$10,000 $100,000 an ounce gold since... well... forever? At what point does an economic theory that has been proven defunct, with literally multiple human generations of wrong calls, lose the status of “economic theory”?
