What was the mistake, exactly? Well, they waited too long to start raising rates, and as I wrote in that piece last February, the longer you wait the more rates have to rise, and more quickly.
Now they’re in danger of getting left behind again – on the way down – because they have resumed the grotesque idea that human misery is the only way to control prices – that is, using unemployment and putting families into mortgage stress.
All the mainstream experts kept saying not to worry about inflation and that low rates were perfectly fine.
The independent analysts said "That is a recipe for disaster, the rates need to go up." and "You cannot borrow money for Covid support and not expect an impact on the economy down the line."
"May you live in interesting times"