It is called fiscal dominance. Nothing the fed can do with monetary policy to counter the government deficit spending. No good option. Lowering interest rate is inflationary. Raising interest rate tanks the economy. That leaves “forward guidance”. The painful solution is to stop buying the debt and let the market take the long term yields as high as it will. Then, raise taxes on the minority that do pay any. Just double the tax burden, that ought to do it. I am a pre-baby-boomer, probably the only demographic that could handle 100% more tax. Never thought I’d have bitcoin and silver in the portfolio.
KC