Jack Salmon writes that the Fed has failed in its inflation mandate:

A variety of mostly supply-side excuses have been offered to explain away what many saw as “transitory” inflation. These included high lumber prices, base effects, demand for used cars, drought in Taiwan, and broad supply-chain restraints. Yet even Fed chairman Powell retired use of the term “transitory” after realizing that inflation trends were proving to be persistent and at levels well above expectations.
There is a missing piece to this puzzle — namely, demand-side factors. Yet after 14 years of accommodative monetary policy and unprecedented increases in government spending, we rarely hear Fed officials talking about them.
What now remains to be seen is whether the Fed has the stomach to tackle spiraling inflation . . .

Tomas Philipson and Jeffrey Wernick write about how the U.S. should learn from Canada’s example and protect cryptocurrencies:

Representative Warren Davidson (R., Ohio) has introduced important legislation to prevent the state monopoly from squashing and controlling private competition. The Keep Your Coins Act takes aim at attempts to undermine crypto and subjugate it to state control by the introduction of rules requiring that individuals store their digital assets with an “authorized” custodian. The problem is of course that the custodian, much like a bank, will be the pathway for the government to track assets and thus ultimately try to control them, as in Canada. This is not without historical precedent. FDR invoked a national crisis to confiscate physical gold in 1933, making government the sole custodian and leaving Americans with strips of paper in place of their coins and bullion. Mandatory third-party custody of cryptocurrencies follows that same playbook.