Then again, cutting rates is easy: the problem is what happens when you have cut rates a few times and suddenly inflation is roaring back with a vengeance, and the central bank is facing a catastrophic credibility collapse similar to that experienced by the Arthur Burns Fed, when the US central bank hiked rates in the early 1970s as inflation soared, before cutting as inflation seemed to normalize, only to see a second, far more brutal surge in inflation over the next few years leading to the calamity that was the Volcker Fed's 20% interest rates. https://www.zerohedge.com/markets/hungary-first-central-bank-pause-rate-cuts-inflation-suddenly-jumps