> An interest rate increase on the order of 2% is laughably small

This hurt my head to read. It's 200 basis points, which doesn't sound generally laughably small (and is materially not generally laughably small; see sibling comment). Using "2%" is unnecessarily liable to give wrong impression. Of course, your argument still stands.

cf. Powell's quote in https://www.cnbc.com/2022/06/15/fed-hikes-its-benchmark-inte... for example