Commentary The Federal Reserve is on the cusp of making its biggest policy mistake in modern times and it is seemingly unaware of the damage it is about to cause. Despite appearances of a robust labor market, rising corporate profits, and high asset prices, the underlying economy is rather weak. For many Americans, high inflation is creating an increasingly large financial burden. For the Federal Reserve, tackling the inflation beast is a top priority, regardless of the collateral damage it may cause. Inflation is not just a financial burden to many American households, but it also threatens to shake up the current political landscape. Voters tend to oust the majority party when they feel policymakers have left them impoverished, and with the midterms coming later this year, the probabilities of a changing of the guard are high. President Biden and Congress have tasked the Fed with putting out this inflationary …