"The Tragedy of the Second Best"

The further you are away from the right policy response, which they fell behind on, the more whatever you do has collateral damage and unintended consequences.

"If you stick to 25 and go 'higher for longer' you risk hiking into a slowing economy and you undermine your credibility." - El-Erian

"If you go to 50, you undermine your forward policy guidance and the narrative of disinflation (said 11 times during the press conference)."