The Risks of Higher Rates of Longer

A portioning blame and pointing fingers is a tricky conversation. We'd still have inflation today even if they had hiked sooner and less aggressively. So higher rates need not be bad per se, it all depends on the context of the economy we're talking about. It is a problem if you have a low growth economy with low productivity growth coupled with high rates driven by inflation expectations - that's the kind of mix you don't want to be in.