I do think part of their messaging has been aimed at reducing inflation expectations. The core things driving inflation (energy prices, supply crunches) can be solved and in some cases are already looking somewhat optimistic. For instance, unless oil jumps back up, we could be seeing 0% year-over-year inflation in that by October.
But if people expect high inflation, it can become somewhat of a self-fulfilling prophecy. Why hold off on buying something if you think it's just going to be 10% more expensive next year? But then that high demand just spurs on more inflation. So by being extremely hawkish, I think central banks are hoping to stamp out the idea of a prolonged inflationary period.
Ultimately, they'll still be relying on indicators to base their decisions, but they don't want to appear like they're wavering at all until then. So I agree that we could see a pause in rate hikes in early 2023 if the numbers are generally heading in the right direction.
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