I am not an economist, but by my personal estimation, the US will not have recovered from COVID inflation until sometime in 2040. That's when a 1% annual inflation rate will cause our Consumer Price Index to fall back in line with the trend of roughly 2% per year going back to at least the 80s.

The outsized impact that COVID had on our economy cannot be understated. Keeping inflation in check is the only path The Federal Reserve has in our current system to relieve the price pressure we feel every day. Reducing interest rates will only allow more private equity to collect real estate, and therefore raise rents. I don't have a personal opinion of Jerome Powell, but I think what he is doing makes sense for the average American and the country as a whole.