RE:Central banks are out of control now....I think the world has been drunk on cheap money ever since the financial crisis of 2007-2008.
From the beginning of 2009 to the beginning of 2016 (7 years), the Fed Funds Rate was in the 0.00% - 0.25% range. It then climbed to a still-historically-low 2.50% by 2019. However, by March 2020 (COVID), it was back down to 0.00% - 0.25% and stayed that way for another two years right up until March 16 of this year when it was raised to 0.25% - 0.50%.
Rates this low are not normal from a historical perspective. Inflation is out of hand. Even the current range of 3.00% - 3.25% is low by historical standards, and even if you exclude the huge abnormal spike of 15% - 20% from 1979 to 1982, just eyeballing the chart I provided a link to in my previous post appears to present an average Federal Funds Rate in the 5.00% range since 1965.,so I don't think further hikes into the 4.00%+ range is out of whack with historical norms - it's just that it's been so long (early 2007) since rates have been over 4.00% that the market and consumers are not used to it.