> Fed started raising rates in Apr 2022, at which point leaders started freaking out because they know what higher rates mean, and by Jun 2022 the Fed was raising them in 0.75% increments, which was unheard of in modern economics.

You're basically making the case that it happened fast, and went up high, but everyone who paid attention to interest rates understood it was only a matter of time till it had to at least revert back to pre-covid rates (whether you think that's 1.5 or 2.3 or something, depending on how you measure), and that obviously there would need to be real layoffs after.

The excuse is really saying "it turned out more extreme than we thought", but was the behavior take responsible assuming non-extreme rate changes?