Is the Fed Overtightening the Profit-Led Inflation?

The risk is that we end up actually with more rate hikes than are needed. The quality of economic data in the US and elsewhere has deteriorated substantially. Nonfarm payrolls, arguably the most important statistic in the markets, is based off a survey where the response rate has gone from 70% four years ago to 45%. A majority of the nonfarm payrolls calculation is guesswork.