While 10% annual would be terrible it's not "hyperinflation" and we aren't at 10% (yet).
Hyperinflation is something like 50% per month. It's extremely unlikely that the US Dollar will ever experience that.
The Fed knows how to break an inflation. They will choke off credit like Paul Volcker did, with interest rates spiking. But we also need a President not dedicated to choking off energy production or it may not work and the economy will remain stagnant and Americans will get much poorer.
“While 10% annual would be terrible it’s not “hyperinflation” and we aren’t at 10% (yet).
Hyperinflation is something like 50% per month. It’s extremely unlikely that the US Dollar will ever experience that.”
I agree with your definition of hyper-inflation. One of the main reasons The Fed has kept interest rates so low has been to enable the Federal Government to borrow at nearly zero interest rates. Meaning borrowing up the hilt for virtually free. As in getting free money. As in money growing on trees.
If The Fed is forced by worldwide markets to increase interest rates to where the FedGov has to borrow at 3-4-5%, this will make servicing the FedGov debt much more difficult.