Superlatives have grown tiring. This remains the fastest pace of rate hikes since the early-1980s; the highest level of overnight rates since the mid-2000s; and only the fourth time in the entire history of the central bank that the Fed has tightened more than a quarter point so persistently. Interest rates are now clearly at a level that puts the brakes on the economy, and a 2023 Fed-induced recession is highly probable, as the real economy is only now experiencing the effects of early2022 interest rate hikes.
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A Singular Obsession