Michael Hiltzik: Painful signs emerge that Fed is moving too far, too fast with aggressive rate increases

We have a term for the intentional infliction of pain on others: cruelty. So what are we to make of the Federal Reserve Board?

The Fed, in statements associated with its campaign to bring down inflation, has referred to the challenge of bringing about a "soft landing" — that is, reducing inflation without significantly slowing the economy or even provoking a recession.

Asked at his press conference Wednesday about the consequences of the Fed's efforts at "restoring price stability," Fed Chairman Jerome Powell replied that "no one knows whether this process will lead to a recession or if so, how significant that recession would be."

Powell's comments came directly after the Fed board voted to increase interest rates by a historically high three-quarters of a percentage point, its third such monthly increase in a row.

Few would disagree that bringing the inflation rate down from its current annual rate of more than 8% is imperative.