The Fed's Response to the Fed Rate Increase

It's pretty clear by september that nominal spending is is picking up, and we're not just looking at a real supply constraints issue. The fed really didn't acknowledge that that was what was happening until the very end of november,. Even then, it didn't really do anything out that. It started talking about plotting a course to correct, i with a an eventual rate hike in in march of 20 22. But even then, when it did so, it did so based on some very rosy projections about what was going to happen.