I think they're going to let the capital drain long enough to meaningfully lower inflation and open the monetary policy spigot again. I'm not sure if there wil

I think they're going to let the capital drain long enough to meaningfully lower inflation and open the monetary policy spigot again. I'm not sure if there will be any lessons learned here by policy chiefs. It seems they waited so long to increase rates, while denying inflation, for political reasons and not rational ones.