The Federal Reserve has tried to calm the investing public with a promise to control inflation, but this will not be easy. The Fed is caught in a cycle that will be hard to break. If it raises interest rates, stock and bond prices will fall. In a repeat of 2013’s Taper Tantrum, the Fed will be pressured to reverse course and try to jam interest rates back toward zero. But 2022 is not like 2013 because we have serious inflation in 2022 at 7% and threatening to go higher. This time implementing a zero interest rate policy (ZIRP) will fuel the current inflation fire because it requires massive money printing. The Fed can’t have it both ways. It cannot control inflation and continue to buoy up stock and bond prices. Current inflation is a combination of demand-pull due to pandemic-related supply shortages and cost-push due to $13 trillion in money printing, which is more than our 10 most expensive wars. It is not transitory. Field of Study: Economics