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The first few months of 2022 have seen rates rise at the fastest pace since the 1980s as a confluence of known issues collided with unexpected volatility due to the war in Ukraine.   Known issues were actually fairly straightforward before Ukraine.  Issue 1: The Fed's New Inflation Framework In August 2020, the Fed announced a long-awaited change to its inflation fighting strategy.   Applying lessons from the past decade of monetary policy, the Fed concluded that the economic recovery would have been better for a wider group of Americans if inflation had been allowed to run a bit hotter for a bit longer.  The newly announced framework meant the Fed would be waiting longer to hike rates the next time it was faced with that decision something that was incidentally quite relevant considering it had just cut rates to record lows (0-0.25%) at the onset of the pandemic.  Along with the

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