Opinion | The Fed Can’t Reduce Inflation by Winging It

The Labor Department last week confirmed something you already knew: Inflation is far too high. You still may be wondering what the Federal Reserve’s plan is for bringing it down. You’re not alone. The Fed doesn’t seem to know either.

Over the past year, the Fed has approached interest-rate adjustments on a meeting-by-meeting basis, focusing on minor differences about what it might do next. Meanwhile, prices continue to rise. The economy now faces a serious risk of persistent high inflation. To avert such disaster, the Fed needs a systematic strategy—including contingency plans—and it needs to explain to everyone what that strategy is.