Legendary hedge fund manager Stanley Druckenmiller had warned on Tuesday in the Wall Street Journal that the Fed was enabling fiscal and market excesses by not standing up to the political whims of Congress; he stated on CNBC that the Fed's overly accommodative monetary policies posed a risk to the status of the United States dollar as a global reserve currency.

Refuting such concerns, Paul Krugman asks in his column for the New York Times whether President Biden should scrap his entire economic agenda merely because the spike in consumer prices as reported by the Bureau of Labor Statistics was bigger than expected. "OK, I'm being a bit snarky here, but only a bit," Mr. Krugman concedes.