Cramer questions Fed's approach to inflation control.

CNBC's Jim Cramer says the Federal Reserve's efforts to fight inflation by hiking interest rates have backfired, particularly in curbing housing inflation. The rate hikes have boosted the price of shelter, making it harder to extend loans to developers and constricting housing supply, which keeps the value of housing high and rents from coming down. This defeats the Fed's purpose of reducing the value of housing and the cost of rent. More hawkish Fed officials want to keep hitting rate hikes, whether or not they're really needed.