>OT2H, the trigger was a report of accelerating
>inflation, the very existence of which supports Enrique's oft-repeated
>point that five quarter point hikes have had zero effect so far -- both
>inflation and growth are as high or higher as they were when the Fed
It's long been known that monetary policy takes a lot of time to work, even in the Old Days of the Old Economy. An economy with this much momentum will probably take quite a few more rate hikes to slow down - unless the market resumes collapsing and confidence and spending follow it downward bigtime.