Are We on the Start of a Tightening Cycle?

For the first time, we see central banks throughout the world actually raising rates. Are we on the start of a tightening cycle that is going to be quickly snuffed out as the economy or the markets roll over? Or does this tightening cycle have legs? Because tightenin can take two forms. One cold be taper. Two is to take the front and up. I think what's going to happen is this. They're going to reduce their purchase of mortgages and of treasuries. And they'll keep the front end pinned close to zero. And you'll get a steeper yeal curve. This is a public policy goodd i wrote in detail about this in my open letter