This obsession with controlling inflation — and potentially causing serious pain for average Americans — is driven by one major factor: legacy.
High inflation eats away at consumers' purchasing power, and persistent inflation seeps into expectations for price and wage adjustments, which further fuel inflation.
What's more, the full impact of the Fed's rate hikes have yet to hit.
Legacy actsThere are signs that certain Fed officials are ready to dial back on the inflation fight.
And navigating such a tricky economy — without throwing hundreds of thousands of Americans out of work — could cement Powell's legacy.