A few years ago, many of the Austrians claimed the FED could never raise rates above 2%.

Many of them stated it was a mathematical impossibility.

Rates are currently above 5% and it was one of the fastest rate hikes in history.

Was our timing off? Or is our mental model wrong?

What made this possible when so many felt it to be impossible?

What did we learn from this?

Do we need to start praising the MMTers?