[type-r]

Why do you say it has shifted "for good"? The Fed itself plans to bring interest rates back down actually fairly quickly [0], following a half-year of decreasing inflation rates [1].

[0] https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20...

[1] https://www.statista.com/statistics/273418/unadjusted-monthl...

[grey-area]

The Fed is infamous for being wrong, both in projections and in reactions.

In fact a good case could be made for their policy mistakes leading them to this dilemma where they must choose between causing inflation or recession.