According to Powell's testimony, the reason we have a given level of price inflation is because (drum roll) it is the level of inflation people expect. It has nothing to do with monetary policy.

The Fed, with the projected power of its hundreds and hundreds of PhDs, is nothing more the a psychological operation on the people. It is just selling expectation. If we can just convince people inflation won't be, it won't be. Hmm.

In other words none of it is real, which makes sense given the same is true about our money.

#Bitcoin (ie proof of work, scarcity) fixes this.