In December 2015, the US Fed pivoted from monetary policy accommodation to tightening credit for the first time since the 2008 global financial crisis. After seven years of short-term interest rates at zero percent and an unprecedented quantitative easing program that pushed interest rates lower further out along the yield curve, moderate economic growth created the environment where tightening credit became possible.
The US economy continued to grow, and the Fed became more aggressive with a hawkish approach to monetary policy that lifted short-term rates to a high of 2.25%-2.50% until July 2019. At the