Just pull off the band-aid quick. Raise by 200 bps and end it once and for all.

The bond market is reacting to the US PCE. That's the cost of goods for businesses. It's higher than expected. After a hot CPI (the cost to us consumers), I don't think this can work without setting interest rates higher than inflation. We will drag this on for years and making things worse for everyone. If we raise interest rates by 200 bps, contrary to what many believe, the stock market will rally. Housing will go down a little bit more, to 2020 levels, at most to 2019 levels, but inflation will be killed and everyone can get on with their lives.