 The Fed has been peddling a wonderful narrative:Rates will rise somewhere in the 4.75-5.25 range and then flatten out, perhaps for all of 2023. Despite that, the economy will cruise to a soft landing with a recession largely avoided. Then inflation will slowly come down to target in 2024 and rates will decline back into the 3 range.History shows that such outcomes are rare.Last week, Deutsche Bank published a good chart of Fed rate hiking cycles and how history shows th... 