The growing consensus across the U.S. is that the Federal Reserve and Chairman Jerome Powell are set to expedite the tapering timetable and hike interest rates as inflation accelerates. Michael Darda, chief economist and market strategist at MKM Partners, told Cheddar's Baker Machado that the Fed has room to increase short-term interest rates because the economy is recovering faster than anticipated. "We've had a very rapid turnaround in the business cycle, in the labor market, and in inflation so the policy stance staying the same, calibrated in the same fashion as it was when we had a huge economic emergency, just makes no sense whatsoever," he said.