Looking ahead, we can't see what is going to cause a downturn of enough significance to take inflationary pressure out of the economy and cause the Fed to stop raising rates.
This is as aggressive as I've ever seen for the Fed in terms of making clear that they're raising rates and that they're not near being done.
The Fed keeps trying to walk the middle course, and unfortunately that gives ammunition to people who think the Fed should be raising rates more and ammunition to people who think the Fed should be done.
It puts the Fed in a position they probably don't want to be in, but they'll have to keep raising rates.