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I don't know who said it first, but it was something to the effect "the Fed will raise rates until they break something."

The rapid move away from ZIRP might be the real culprit here.

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More like they're raising rates until the damage from artificially low rates becomes visible.

Rates returning to normal is just the flood waters receding and letting us see the carnage below.

They ignored inflation as being "transitory" for too long. That gave permission to keep rates low, so the administration could do massive influx of spending. Now they have to catch up, and its much harder because they are behind.

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