First published by Money Metals Exchange here: https://www.moneymetals.com/news/2022/10/24/when-will-the-fed-throw-in-the-towel-on-rate-hikes-002616

The Federal Reserve finally stopped referring to inflation as “transitory” earlier this year and got serious about trying to control the painful rise in prices it has caused. Officials have jacked the Fed funds rate up by 3% since March. Thus far they have been willing to inflict pain upon financial markets. The S&P 500 lost roughly 20% of its value since the end of March. The aggressive tightening has also pushed the Federal Reserve note “dollar” higher relative to other major currencies.