I like how Minerd accompanied his words with that Gilt chart. The Bank of England would probably rephrase his comments as “until something ELSE breaks”!

In further comments Minerd expanded:

• The Federal Reserve’s (Fed) single-minded commitment to fighting inflation … almost seems to be—dare I say—on “autopilot.”
• We all should remember what happened the last time the Fed suggested that the future course of policy was predetermined: After Powell’s infamous reference to the Fed balance sheet reduction being on “autopilot” in a December 2018 press conference, stocks collapsed and the Fed was forced to backtrack from the statement, which marked the start of a policy pivot.
• Some Fed policymakers seem to have learned their lesson from December 2018, which is why they are quick to invoke data dependency as a disclaimer to their messaging.