The doves were wrong

Source: EconLog
by Scott Sumner

“In late 2021 and early 2022, a number of pundits warned that the Fed was moving too quickly to tighten monetary policy. It is now clear that these pundits were wrong. Not only did the Fed not do too much tightening, there’s almost no evidence that the Fed has tightened monetary policy at all, at least to any measurable extent.” (11/04/22)