This chart below illustrates the average change (blue line) in the fed funds rate following a major bottom. While the last Fed tightening cycle (gold dashed line) fell a touch short of average, this tightening cycle has already witnessed a run that is a touch more than average — because we started from such unusually low levels (1%).
Consider how unusual this Fed cutting and tightening cycle is:
Source: Chart of the Day
(updated through July)