The US central bank is poised to cause untold hardship to millions of Americans

Relying on further interest-rate hikes to fight inflation will only worsen the consequence of America's near-record inequality. The people who will endure the biggest sacrifices as the economy slows will be the first to lose their jobs: mostly, those in the bottom fifth. 

There's no reason for further hikes, anyway. Inflation is already slowing. 

I understand Powell's concern. What looked like a steady, albeit gradual, slowdown is now looking even more gradual. But so what? It's the direction that counts. 

He should abandon the 2% target rate of inflation. There's nothing sacrosanct about 2%. Why not four? Getting inflation down to 2% is going to cause too much pain for the most vulnerable.

https://www.theguardian.com/commentisfree/2023/mar/08/federal-reserve-interest-rate-rise-jerome-powell