THEIR HUNTER HYSTERIA WILL KEEP THEM OUT OF TROUBLE:

[I]t's the Republicans who made reducing inflation the centerpiece of their midterm campaign, and in the short term, they might have a greater chance of making the economy worse instead of better.

The only political leverage for House Republicans comes on must-pass bills to fund the government and raise the national debt limit for borrowing money to help pay for federal spending. Stalemates on that legislation could trigger a government shutdown or default on federal debt that would roil financial markets and damage an economy that already is expected to be teetering on the edge of recession next year.

But if those impasses can be avoided, the broader stalemate caused by divided government in Washington should help the inflation fight, economists said. It would keep politicians out of the battle, leaving the task to Federal Reserve officials who have the best tool -- interest rate hikes -- to bring down prices in the short term.

"I think realistically there's going to be very little that the next Congress can do on the inflation front, or the administration," said Douglas Holtz-Eakin, president of the conservative-leaning American Action Forum think tank and a former director of the Congressional Budget Office. "They would all be well-advised not to make it worse ... and don't try to fix it because they really don't have the tools for doing that."

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