[simonblack]

I would love to understand why the fed hasn't increased interest rates to counter the rapid increase of inflation..?

The US can't afford it.

With a national debt of 30 trillion dollars, a 1% increase in the interest rate would cost the US an extra 0.3 trillion dollars per year. In other words, an extra 300 billion dollars per year. Looked at in other terms, that's nearly half of the Defense Budget in money 'down the drain'.

The interest rate will never go up to any usable extent until the either the US Dollar or the US Economy (or both) crashes.