Has the Fed tightened too far?

Analysing where things are likely headed from here

Monetary policy allegedly works in lags. This is usually meant to be around 18 months on average. Yes, those long and variable lags make policy setting difficult. Imagine trying to adjust your car speed for a bend in the road which you can not see yet.

Ideally, our esteemed central bankers and their well-paid PhD should run models and have a process of …