Neither finance ministers nor central bankers should mislead themselves or the public with the promise implied by talk of when interest rates come down.
Recent problems with Silicon Valley Bank and Credit Suisse are examples of the stress that interest rate rises are putting on the financial system. But relaxing monetary policy now risks entrenching inflation.
After a decade of forward guidance, credit easing and quantitative easing, it was clear even before the Covid-19 crisis that monetary policy had run out of road.
It is a generation since Margaret Thatcher abandoned Neo-Keynesian thinking, set her face firmly against prices and income policies, and made it clear that the key to tackling inflation was curbing the growth in money.