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A Rate Cycle Unlike Any Other

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Abstract

Since the Federal Open Market Committee began raising the federal funds rate in March 2022, people have speculated on the trajectory of both monetary policy and the economy. By looking at previous rate cycles, this article compares historical monetary policy cycles with the current period. We find the current cycle to be unique in terms of both the speed at which interest rates rose and the movement of inflation during the series of rate hikes.

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  • Erin Henry & Conner Mulloy & Pierre-Daniel G. Sarte, 2023. "A Rate Cycle Unlike Any Other," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 23(26), August.
    • Handle: RePEc:fip:fedreb:96536
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2023/eb_23-26
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    Keywords

    Rate cycles; FOMC; inflation;
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