If we read between the lines, it is apparent that the Fed is hoping that price inflation will fall to politically acceptable levels without any additional tightening, and without a recession. But "hope" is all the Fed has.
Not satisfied with the futile and destructive wars it has fought in this century, leaders of the US Armed Forces now want reinstatement of the draft. Instead, perhaps our government should give peace a chance.
This is the first time in human history that the energy transition has been decided by politicians without allowing technology, competition, or human ingenuity to come up with a better, more flexible, and more economical alternative.
We should not be surprised that credit in the eurozone is falling along with monetary aggregates. The entire burden of monetary normalization is falling on the productive sector, families, and businesses, while many governments continue to increase deficit spending.