I think it's very likely to be worse (certainly drastically more risky). The Fed has a history of hard landings. There was a level at which more modest rates w

I think it's very likely to be worse (certainly drastically more risky). The Fed has a history of hard landings. There was a level at which more modest rates would have gradually bent inflation downward over time, and it would have taken a while (a year or two longer, say). IMO the Fed was too aggressive in trying to stop it asap. They went too far too fast and we'll see a rolling fallout from it for several years yet. Lower rates with elevated inflation for a bit longer, would have been the more prudent choice, than cranking the volume fast and risking a financial crisis.