This is the Fed's idea of "tightening"

Glad to hear that inflation is cooling (now in semi-log!) pic.twitter.com/tweuJFCzop

— Rudy Havenstein, Senior Markets Commentator. (@RudyHavenstein) July 14, 2023

See also Fed’s missed moves cost taxpayers billions with inflation ignored and debt refinancing window slammed shut

See also The S&P 500 relative to the U.S. money supply looks incredibly similar to the 1999 blow-off top.