There never was any “battle against inflation”; that is government/Fed BS of the highest order, because the Fed can end inflation any time it wants by two simple steps:
1. Stop buying assets with newly created “money”.
2. Require 100% reserves for lending.
Of course, the question is why they don’t do this. The answer is also simple: that would require the government to live within the means of the taxpayers (taxes rather than inflation and borrowing). This would be very unpopular because most people haven’t the faintest idea of how this all works, but they do know they don’t like to pay more taxes, and the government likes to spend money.
