The author should consider A Monetary History of the United States by Friedman. The EFFR is exactly incrementally increased in a way to not immediately perturb

The author should consider A Monetary History of the United States by Friedman. The EFFR is exactly incrementally increased in a way to not immediately perturb markets, to slowly approach its target. It is also well known that there is delay expected between prices of all assets (including credit) to react to monetary conditions.