The Fed has always bitched and complained since the 1970s. It's either inflation was too high or concerns about recession. That is their job. They worry about what has happened and what is happening. They don't know what will happen next. They are extremely annoying and cause short term volatility whenever they talk, which makes it seem like they are moving the market. But if you look at the longer term trends, monetary policies are reactive to what the economy is doing, and the economic cycles happen regardless of what the Fed thinks. I'd rather look at signs of economic expansion and contraction, as well as accumulation and distribution dynamics. Bond yields going up will make it more difficult for private funding, but if real economic growth still happens and if a recession doesn't happen in spite of yields going higher, that tells me more than what people are scared about just because "yields are going higher and the Fed may hike". 2% inflation target is completely arbitrary, and 3.5% inflation has been the average over the last 50 to 100 years, but the Fed has to bitch about something. If you ever work corporate, it's similar to having management constantly wanting to change things, worrying about this, worrying about that, and when you're in the middle of the job, you think what you're doing is unique and that your situation is different from the past... It really isn't, and it's just the same boring crap over and over again, but people are still getting worked up over these things. 1970s was an anomaly. The Fed had a job to do. 2021-2022 was an anomaly. The Fed had a job to do. Otherwise, it's just the same old boring corporate politics as usual.