As the fed learned in the 1980s, only pain can break the expectations of inflation once entrenched. Severe, multi-year, economic pain.

Unfortunately, the current fed with its focus on a "soft landing" and "consensus" seems like it has forgotten that lesson.

And unfortunately, once the fed DOES remember this lesson, it's likely that all the highly paid software people on this board (myself included) are going to take the economic impact straight to the face.