In baseball, three strikes and you’re out. Jerome Powell has already bungled two major challenges as chairman of the Federal Reserve. Based on last week’s Fed meeting, he’s going to strike out again.

Powell’s first mistake was rushing Congress into appropriating trillions for unnecessary post-COVID-19 “recovery” spending. That sent inflation soaring to 9.2%, the highest level in 40 years. His second blunder was failing to understand that the inflation caused by former President Joe Biden and former House Speaker Nancy Pelosi’s (D-CA) $6 trillion spending spree wasn’t “transitory” and then waiting too long before trying to bring it under control.

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