The Fed is incapable of controlling inflation because the only tool they have at their disposable is to manipulate interest rates. Real "inflation" refers not to an increase in prices but to an increase in the money supply injected into the economy via government spending. The Fed was never given the power to control spending because that is the source of power for politicians and politicians never voluntarily give up power. Spending buys votes and votes buy re-election. Thus, as Jesse Unruh, former political powerhouse in California, once said, "Money is the mother's milk of politics." Powell is just voicing the 100-year old party line. He can't very well say, "Well, there really isn't anything the Fed can do about the economy except help make it worse." Gotta love the Peter Principle--it applies equally to bureaucrats and politicians.