People are freaking out over a rate increase? Are you all economically illiterate?
1979-80.
Interest rates had to be raised to astronimcal levels in 1980-1982 to kill inflation. Once inflation was killed you could lower interest rates and get the economic moving again. That's exactly what happened and guess what happened 20 years of prosperity
https://en.wikipedia.org/wiki/Early_1990s_recession
But the economy always does awesome when inflation is low. Like when it was booming from the deflation in the early 1930s...... Oh wait.
