A Rate Cycle Unlike Any Other

Erin Henry, Conner Mulloy and Pierre Daniel Sarte

Richmond Fed Economic Brief, 2023, vol. 23, issue 26

Abstract: Since the Federal Open Market Committee began raising the federal funds rate in March 2022, people have speculated on the trajectory of both monetary policy and the economy. By looking at previous rate cycles, this article compares historical monetary policy cycles with the current period. We find the current cycle to be unique in terms of both the speed at which interest rates rose and the movement of inflation during the series of rate hikes.

Keywords: Rate cycles; FOMC; inflation (search for similar items in EconPapers)
Date: 2023
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