Interest charges grew a similar amount

The Debt Crisis Is On Our Doorstep

President Trump’s recently released budget is a wake-up call. It projects that this year, a year of relatively strong economic growth, low unemployment and continued historically low interest rates, the deficit will reach $870 billion, 30 percent greater than last year.

It  is here next recession. What can Powell do? He does not want to be the banker who allows default on the 2 trillion in QE, but he cannot dump it in time.   The answer is default, try opportunistic wiping out parts of the Fed debt holdings. Direct, immediate inflation, can't miss it, no index needed, it becomes inflation by fiat.