RE:IT HASN'T HAPPENED....YETLook at the fed rate going back to the 1970's when inflation really started a wild ride. We got a double bump. They hiked rates. It looked like it was working so they reduced rates. Inflation reacted like it was gasoline on a bonfire and surged even higher. They had to jack rates higher than ever and hold them there even longer.
We got the "stagflation" term from that experience.
This is no where near over yet.