I think we need a reminder about central bank policy: we have reached finally reached barely normal.

This century has been insane, so I think it's important to remember that interest rates, which have risen a lot this year, still aren't really unusual. We've seen rates this high in the 1979s, 1980s, 1990s, 2000s, and only the 2010s were unusual (and it's part of why things are so broken right now)

Frankly, it's a long time coming, but nobody wanted to be the one to take the punch bowl away until the first kid got alcohol poisoning.