Yes and it takes time after the fed makes a move for that ripple to have an impact on the greater economy. So in a way the fed is looking in the rear view mirror. The dynamics of the economy have changed as well, we have strong job growth but people are poorer than ever getting a 2nd job or working the gig economy to get by.

Perhaps the worst part is the fed will never criticize the us gov for spending too much but has no problem putting that blame on the little guy.