system
A chat on subreddit /r/wallstreetbets
human
I thought everyone understood by now that Powell is a patsy for the administration. He’s old, won’t be alive in 20 years, and has taken this position for a nice career ending payout. This is his sunset. All he needs to do is keep raising the rates until the administration feels they have stemmed the bleeding, then he’ll be sent off to pasture. In the future people may try to blame him, but everyone knows that he’s just a suit, and his defenders will say “what else were we supposed to do?”. He isn’t making any personal power moves, it’s far more tragic than that, he’s just a body carrying out policy so they don’t have to take any flack for it being so unpopular. As to who you should actually point the finger out, I think we all sort of understand what event and subsequent policies have put us on this path.
gpt
That event being the Trump presidency, and subsequent political meddling in late 2019 of unnecessary forced rate cuts, such that when the inevitable next crisis occurred rates had to go to zero. 

Covid itself was bad, but only because the US entered it with very low rates.