Is the Federal Reserve falling behind the curve on inflation? Michael Fox and Chris Temple of the National Investor break down the Fed’s decision to hold interest rates steady, challenging Kevin Warsh’s cautious approach and discussing Jeff Gundlach’s “ready, aim, aim” critique. Their conversation explores rising inflation and energy prices, the risk that bond vigilantes could force borrowing costs higher, and why mounting government debt, corporate borrowing, and AI-related investment could leave markets vulnerable to a painful correction. Drawing parallels to the 1970s inflation battle and the 2008 financial crisis, they debate whether stronger Fed action now could prevent greater economic damage later—and examine Michael’s forecast for a potential 25-basis-point December rate hike, with a larger move possible if oil prices or Treasury yields climb.