The US Federal Reserve is starting to exit its extremely loose monetary policy.
It is now buying fewer bonds as part of its quantitative easing program.
It was easy for her because it has lost its effectiveness.
But she is afraid of a rate hike against rising inflation.
Sure: Nobody knows exactly how prices will develop.
The Federal Reserve has slightly overestimated inflation for years, but this year it tends to underestimate it.
Fed chairman Jerome Powells declared price increases as "temporary" are more persistent than hoped.
Powell is in a dilemma.
He wanted to ignore inflation and concentrate on the greatest possible employment. He sees underemployment as a big problem.
In fact, he's probably right: Millions of working-age Americans are not included in the unemployment statistics.
At the same time, employers are looking increasingly desperate for employees, the number of vacancies adds up to ten million.
But loose monetary policy cannot resolve this blatant disparity.