Raising rates into an environment with zero liquidity.
Theoretically, there should be a ton of liquidity, but there is none.
This is going to be a disaster.
There is a ton of savings though, which is why savings rates are down, so there is liquidity available but no one is borrowing it and nobody is spending because of the job situation.
The Fed is crapping their drawers.
You don’t raise rates with 10% unemployment (really 20%), falling M2 money supply and multi-trillion dollar debts in a deflationary environment.