The Fed's Lag Effect on Inflation

There's a debate going on, certainly in the Fed, but also in the broader investment landscape that says you don't have to kill the job market to quell inflation. If rates need to dretch it up higher, we could see 8% mortgages, we could start to see bigger layoffs and a real downturn. And so like I said, I worry that the Fed's likely going to be doing too much because of the lag effect of monetary policy.