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> they wouldn't have raised interest rates at all.

would that have lead to a death spiral of hyperinflation (if they didn't try to destroy demand/suck liquidity out of the financial system)



Maybe, but probably not hyper-inflation. Sustained, elevated inflation would be more likely.


Sustained 10% year over year inflation is hyper inflation, which was a real possibility without any serious interest rate hikes and no change in fiscal policy from Congress.


hyperinflation is generally defined as over a 50% monthly inflation rate or more than a 12974.63% yearly inflation rate.




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