Central bankers case relies on thinking there is no better alternative

 But if so, they had better be absolutely right and unfortunately their argument is weaker than many think. 

It makes little sense to cause a recession to deal with temporary supply hiccups.

The last line of argument for tightening into a supply-triggered recession is to avoid a wage-price spiral. But the rationality of this depends on the risk being more than theoretical.

Martin Sandbu 3 July 2022

https://www.ft.com/content/c1fe1e65-7bf8-4c2b-aca7-6d7eecfc4db1