The Fed intensified its fight against the worst inflation in 40 years on Wednesday and signaled further large rate hikes to come.

Mortgage rates, for example, probably already have the Fed hikes built in.

The strategy is aimed at tightening credit and easing inflation. Purdue’s Cathy Zhang worries about the effects on financial markets.

Many have been on a borrowing spree through the past two years of low rates.

There’s a “long and variable lag” between monetary policy starting to control inflation and inflation responding in a substantial way.

Getting demand to soften is the point because that’s expected to help tame inflation.

With more likely to follow, the rate hikes will eventually mean higher loan rates for many consumers and businesses.

“I could be supportive of a 50 basis point rise in the future — but not at this meeting,” said Patrick Harker.

Getting a loan in the early 1980s was a lot more expensive than today. That was the point.

The Federal Reserve used to be an economic black box. Now Chair Powell holds press conferences throughout the year. How’d it get to this point?