I’m not sure what world you were living through in March 2021, but no one was cutting back fiscally at that point. Had you forgotten the US then passed ARP in 3

I’m not sure what world you were living through in March 2021, but no one was cutting back fiscally at that point. Had you forgotten the US then passed ARP in 3/2021? The Fed’s only instruments are interest rate and signaling, QE is controlling long tail of the curve. You wanted the Fed to raise rates at the same time when fiscal policy added another $2T in spending? The more logical argument is perhaps the US shouldn’t have passed ARP and poured gas on the fire.