I mean they are inextricably linked cofactors, but given that the observed increase volatility is measured as the absolute value (can be in either direction, i.

I mean they are inextricably linked cofactors, but given that the observed increase volatility is measured as the absolute value (can be in either direction, i.e. ±) I would venture to say that at least some of it is regardless of Fed (re)action. However, I would also posit that it just doesn't matter since the feds will continue (as they've said and shown) to take action so long as the inflation rate isn't at their target rate, so cofactor A automatically implies cofactor B and we just have to deal with that fallout.