Powell said as much - raising interest rates until inflation comes down will drive an economic shut down - unsaid, is that the key indicator will be when commodity prices fall. Forget Recession, look for a Depression when that happens.
I think the Fed will do one more .75 interest rate increase, then they will cut interest rates after that. The jig is up.
Lots of talk about that...well, whispers actually. Many factors go into this cycle that we have not had before.
2007/8 if I recall correctly was because of the credit markets freezing up.
The biggest issue I see right now is the supply chain issues that are ongoing. At least to me, this is not ordinary inflation because ‘goods’ are not moving or available in many cases. It has little to do with consumer spending if producers cannot produce.