If they keep hiking, it will "eventually" turn into debt deflation - or credit wipeout. (ala great depression on steroids) Eventually, they will be forced to pivot. One important consideration for people is to think in terms of lag effect....ie 18 months from when actions are set in motion. Remember when no inflation, transitory inflation, high inflation. This tightening only really started in September and Fed only reduced their balance sheet by 2.7 % last year -with subsequent damage.... If they continue.....ugly.