I think back then assumption everyone made was low interest rates were the prime cause of inflation. Increasing rates to control inflation caused the bank failu

I think back then assumption everyone made was low interest rates were the prime cause of inflation. Increasing rates to control inflation caused the bank failures. What they have realized and said since, is the high prices were not just interest rate related, but due to supply chain shocks that happened due to covid+ukraine russia+china drama etc. Once supply chains settled down as they do after the initial chaos when war starts prices started dropping. I am not an economist so take everything above with a pinch of salt.