There is a significant lag between rate changes and effect, unless its a second-order expectations effect. Following folks like Noah Smith and Brad DeLong[1], I

There is a significant lag between rate changes and effect, unless its a second-order expectations effect. Following folks like Noah Smith and Brad DeLong[1], I suspect that it isn't the rate hikes, and the rate hikes are actually threatening an uneccessary recession. [1] https://noahpinion.substack.com/p/is-the-fed-hiking-too-fast https://noahpinion.substack.com/p/is-the-fed-hiking-too-fast