(Interest rates) are " up about two and a half percentage points, which is a lot by historical standards and well above the levels that prevailed on the eve of the pandemic; mortgage rates are higher than they’ve been since the 2008 financial crisis.
p These rate rises will surely cause a major economic slowdown, quite possibly a recession.
I’m hearing growing buzz, both from economists and from businesspeople, to the effect that the Federal Reserve — which clearly kept its foot on the gas too long last year — is now braking too hard in compensation. And the risks of an accident are growing.
What we can say is that the risk that the Fed is moving too slowly to contain inflation has declined, while the risk that high interest rates will cause severe economic damage has gone up — a lot."
https://www.nytimes.com/2022/09/29/opin ... ation.html
It's nice when they agree with me.