By mid last year it was clearly evident on the ground that inflation was going through the roof. However we had "experts" and economists claiming otherwise. The

By mid last year it was clearly evident on the ground that inflation was going through the roof. However we had "experts" and economists claiming otherwise. They first denied it altogether; then said it was transitory; and when the data came in (by which time it was already too late) they said it doesn't hurt the poor as much. Only by Nov/Dec 2021 fed realised it had no option but to raise the rates and began messaging its intent. Fed delayed this by at least 2 quarters IMO. Now we are seeing the full impact of it.