IMO the Fed is trying very hard to regain credibility after the overblown stimulus and terribly delayed response to the resulting inflation. These are two very

IMO the Fed is trying very hard to regain credibility after the overblown stimulus and terribly delayed response to the resulting inflation. These are two very public failures. Everyone is expecting a quick pivot which is why I think that is exactly what will not happen. Many people are making foolish purchases now at inflated asset prices and high interest rates because they expect that they will be able to refinance at lower rates in a year or so. What if they can't? Once the general public starts to realize what "higher for longer" actually means we will (hopefully) have a huge sentiment shift to the downside with corresponding asset price corrections.