Here it begins, an unofficial start to what will shortly be the mass official exodus from inflation-fighting first transiting through bewilderment before eventually settling in their usual climate of panic. It is as regular as any natural cycle, such as the wildebeests stampeding across the Serengeti searching for green or the Canadian geese flocking by the millions from the looming freeze toward warmer climates.
As any rate hike proponent will tell you, rate hikes require significant stretches and commitment before any presumed impact might be felt. For the Federal Reserve, it hasn’t yet been a full year from when this latest program started. As such, in mid-December, the rate-hiker-in-chief Mr. Powell told the assemblage of only the friendliest of reporters that, “It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation.”
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