The Federal Reserve has control over inflation and interest rates.
They lied. Powell has been giving conflicting messages regularly. Statements that flat out are not logical or coherent and has avoided every reporter's questions that seek to clarify any of the statements he has made.
There exists a growing demand for the Bureau of Labor and Statistics to stop lying and publish real numbers for a change instead of the falsified data they have been publishing for unemployment, inflation, and GDP growth. Cottage industries have surfaced which publish more realistic numbers.
The Federal Reserve has been relying upon these numbers to make decisions (they claim) but the narratives they have been giving do not line up whatsoever even with the falsified data.
Suspected reasons include the interest on the Government's debts are too expensive for the government to afford....to backstabbing the incoming President Trump by intentionally tanking the economy to halt the expected rise in GDP.