In Monetary Policy, It’s All About The Lags

Axios, July 11, 2023–Neil Irwin, Courtenay Brown
In Central Banking 101, there is frequent talk of “long and variable lags” — the idea that after making an interest rate move, there is a delay of uncertain length before it really affects the economy.
https://www.axios.com/2023/07/11/federal-reserve-monetary-policy